GBP/SGD may fall 44 - 56 pips

Our pivot point stands at 1.7332.

Our preference

The downside prevails as long as 1.7332 is resistance.

Alternative scenario

Above 1.7332, look for 1.7353 and 1.7366.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7323 and 1.7335). Finally, the GBP/SGD is trading below its lower Bollinger band (standing at 1.7312).

Supports and resistances

1.7366 **

1.7353 *

1.7332 **

1.7323

1.7307 last

1.7263

1.7251 **

1.7238 *

1.7225 **

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