GBP/USD may fall 20 - 40 pips

Pivot

1.2805

Our preference

Short positions below 1.2805 with targets at 1.2770 & 1.2750 in extension.

Alternative scenario

Above 1.2805 look for further upside with 1.2825 & 1.2845 as targets.

Comment

As long as the resistance at 1.2805 is not surpassed, the risk of the break below 1.2770 remains high.

Supports and resistances

1.2845

1.2825

1.2805

1.2790 Last

1.2770

1.2750

1.2730

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