GBP / USD Technical Analysis June 30

Daniel Garin
Jun 30, 2016
1 min read

Can the sellers force the GBPUSD lower at 1.3459?

The GBPUSD has been mostly oscillating, since the 27th of June 2016 within a bullish formation between the range of 1.3120 and 1.3459 respectively.

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

The price is now oscillating below the 1.3459 zone which is today’s major pivot point area.

Probable Scenario

In the condition where the pair stabilizes close to the 1.3459 area, the price could be forced to decline to lower zones such as the 1.3120.

The Stochastic oscillator also confirms that the price has greater chances to retrace and decline at the 50 level.

Alternative Scenario

Alternatively, should the buyers withhold the price above the 1.3659 area Fibonacci’s 61.8%, the pair could appreciate as high as 1.3989 Fibonacci’s 100.0%.

Today’s Major Announcements

BOE’s Governor Carney Speech is expected to have a strong impact on the sterling
The Initial Jobless Claims (Jun 24) and the Chicago Purchasing Managers’ Index (Jun) announcements are expected to have a medium impact on the U.S. dollar