GBP/USD may fall 40 - 65 pips

Pivot

1.2995

Our preference

Short positions below 1.2995 with targets at 1.2925 & 1.2900 in extension.

Alternative scenario

Above 1.2995 look for further upside with 1.3020 & 1.3040 as targets.

Comment

As long as 1.2995 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.3040

1.3020

1.2995

1.2965 Last

1.2925

1.2900

1.2865

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