GBP/USD may rise 26 - 61 pips

Pivot

1.2975

Our preference

Long positions above 1.2975 with targets at 1.3010 & 1.3045 in extension.

Alternative scenario

Below 1.2975 look for further downside with 1.2955 & 1.2940 as targets.

Comment

A support base at 1.2975 has formed and has allowed for a temporary stabilisation.

Supports and resistances

1.3060

1.3045

1.3010

1.2984 Last

1.2975

1.2955

1.2940

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