The sterling and the U.S. dollar are now oscillating within a stable formation between the range of 1.4253 and 1.4213 respectively.
Both the bulls and the bears are now placing equal pressures in their attempts of taking control over the price.
The latest upside pressures led the pair to rise from as low as 1.4078 to as high as 1.4253, an astonishing bullish momentum indeed.
In the scenario where the GBPUSD breaks and stabilizes above the 1.4213 area, the price could escalate as high as 1.4253, Fibonacci 50.0%, and 1.4291, Fibonacci 61.8%.
The stochastic oscillator, even though the price has already approached close to the 20 level, indicates that the pair has greater chances of appreciating to upper levels.
Alternatively, should the sellers take the lead and force the price below the 1.4160 area the pair could decline as low as 1.4078.
Today’s Major Announcements
- The Retail Sales (MoM) (Dec), the Retail Sales (YoY) (Dec), the Retail Sales ex-Fuel (MoM) (Dec), the Retail Sales ex-fuel (YoY) (Dec), and the Public Sector Net Borrowing (Nov) announcements are expected to have a medium impact on the sterling
- The Chicago Fed National Activity Index (Dec), the Markit Manufacturing PMI (Jan), the CB Leading Indicator (MoM) (Dec), and the Baker Hughes US Oil Rig Count releases are expected to have a medium impact on the U.S. dollar
- Probable trend (Bullish):1.4213
- Bullish take profit targets:1.4253, 1.4291
- Stop loss target:1.4160
- Alternative trend (Bearish): 1.4160
Bearish take profit target: 1.4078
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