GBP/USD may rise 31 - 51 pips

Pivot

1.2880

Our preference

Long positions above 1.2880 with targets at 1.2945 & 1.2965 in extension.

Alternative scenario

Below 1.2880 look for further downside with 1.2860 & 1.2840 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

1.2980

1.2965

1.2945

1.2914 Last

1.2880

1.2860

1.2840

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