GBP/USD may fall 22 - 52 pips

Pivot

1.2655

Our preference

Short positions below 1.2655 with targets at 1.2610 & 1.2580 in extension.

Alternative scenario

Above 1.2655 look for further upside with 1.2690 & 1.2705 as targets.

Comment

As long as 1.2655 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2705

1.2690

1.2655

1.2632 Last

1.2610

1.2580

1.2545

Number of asterisks represents the strength of support and resistance levels.