GBP / USD Technical Analysis June 28

Daniel Garin
Jun 28, 2016
1 min read

Is 1.3137 sellers’ opportunity on the GBPUSD?

The GBPUSD has been mostly oscillating, since the 27th of June 2016, within a bearish formation between 1.3489 and 1.3137 respectively.

Both the buyers and the sellers are now placing pressures in their attempts of taking control over the pair.

The price is now oscillating above the 1.3137 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes below the 1.3137 zone, the price could be forced to decline to lower areas such as the 1.2906 level.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 80 level.

Alternative Scenario

Alternatively, should the buyers take the lead, boost, and hold the price above the 1.3275 area, Fibonacci’s 161.8%, the pair could appreciate as high as 1.3489.

Today’s Major Announcements

There are no any releases on the sterling
The Gross Domestic Product Price Index (Q1), the Gross Domestic Product Annualized (Q1), the Personal Consumption Expenditures Prices (QoQ) (Q1), the Core Personal Consumption Expenditures (QoQ) (Q1), the S&P/ Case – Shiller Home Price Indices (YoY) (Apr), and the Consumer Confidence (Jun) releases are expected to have a medium impact on the U.S. dollar