GBP/SGD may rise 23 - 34 pips

Our pivot point stands at 1.7319.

Our preference

The upside prevails as long as 1.7319 is support.

Alternative scenario

Below 1.7319, expect 1.7300 and 1.7288.

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 above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7333 and 1.7317). Finally, the GBP/SGD is trading above its upper Bollinger band (standing at 1.7347).

Supports and resistances

1.7408 **

1.7397 *

1.7385 **

1.7374

1.7351 last

1.7326

1.7319 **

1.7300 *

1.7288 **

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