GBP/SGD may rise 29 - 42 pips

Our pivot point is at 1.7248.

Our preference

The upside prevails as long as 1.7248 is support.

Alternative scenario

The downside breakout of 1.7248 would call for 1.7226 and 1.7212.

Comment

The RSI is above its neutrality area at 50. The MACD is above its signal line and positive. The configuration is positive. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.7271 and 1.7267). Finally, the GBP/SGD has crossed above its upper Bollinger band (1.7282).

Supports and resistances

1.7354 **

1.7341 *

1.7328 **

1.7315

1.7286 last

1.7256

1.7248 **

1.7226 *

1.7212 **

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