The price has been recently oscillating between the range of 170.55 and 166.22 with both the bulls and the bears trying their chances to take control over the pair and make profits.
The bearish condition seems to have greater chances of occurring but the buyers will equally try to benefit from any bullish movement.
Probable Scenario
In the scenario where the sellers are able to withhold the price below the 168.38 area, the pair could drop as low as 167.23 Fibonacci 23.6% and 166.22 Fibonacci 0.0% respectively.
The stochastic oscillator’s latest indication signals that the bearish pressures could get more tensed close to the 80 level.
Alternative Scenario
In contrast, in the event where the bearish momentum is weak and the sellers are finding obstacles to force the price lower, the buyers could lead the pair as high as 170.55, provided that they have initially succeeded in an upside break at the 168.88 zone.
Today’s Major Announcements
- There are no any major announcements that could influence either the sterling or the Japanese yen
Synopsis
- Probable trend (Bearish):168.38
- Bearish take profit targets: 167.23, 166.22
- Stop loss target: 168.88
- Alternative trend (Bullish): 168.88
- Bullish take profit target: 170.55