GBP/USD may fall 33 - 63 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 the resistance at 1.2655 is not surpassed, the risk of the break below 1.2610 remains high.

Supports and resistances

1.2705

1.2690

1.2655

1.2643 Last

1.2610

1.2580

1.2545

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