GBP/USD may rise 35 - 50 pips

Pivot

1.2820

Our preference

Long positions above 1.2820 with targets at 1.2885 & 1.2900 in extension.

Alternative scenario

Below 1.2820 look for further downside with 1.2800 & 1.2780 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

1.2920

1.2900

1.2885

1.2850 Last

1.2820

1.2800

1.2780

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