GBP/USD may fall 32 - 47 pips

Our pivot point stands at 1.2778.

Our preference

The downside prevails as long as 1.2778 is resistance.

Alternative scenario

Above 1.2778, look for 1.2804 and 1.2820.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.2781 and 1.2821).

Supports and resistances

1.2820 **

1.2804 *

1.2778 **

1.2768

1.2751 last

1.2719

1.2704 **

1.2688 *

1.2673 **

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