GBP/USD may rise 32 - 47 pips

1.2824 is our pivot point.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.2824 would call for 1.2799 and 1.2784.

Comment

The RSI is above 50. The MACD is above its signal line and negative. The MACD must break above its zero level to call for further upside. Moreover, the price stands above its 20 period moving average (1.2841) but below its 50 period moving average (1.2860).

Supports and resistances

1.2932 **

1.2917 *

1.2902 **

1.2887

1.2855 last

1.2834

1.2824 **

1.2799 *

1.2784 **

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