GBP/USD may rise 26 - 38 pips

1.2669 is our pivot point.

Our preference

The upside prevails as long as 1.2669 is support.

Alternative scenario

The downside breakout of 1.2669 would call for 1.2649 and 1.2637.

Comment

The RSI is above 70. It could mean either that the pair is in a lasting uptrend or just overbought and therefore bound to correct (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.2671 and 1.2651).

Supports and resistances

1.2747 **

1.2735 *

1.2724 **

1.2712

1.2686 last

1.2677

1.2669 **

1.2649 *

1.2637 **

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