GBP/USD may fall 45 - 80 pips

Pivot

1.2775

Our preference

Short positions below 1.2775 with targets at 1.2690 & 1.2655 in extension.

Alternative scenario

Above 1.2775 look for further upside with 1.2825 & 1.2865 as targets.

Comment

As long as the resistance at 1.2775 is not surpassed, the risk of the break below 1.2690 remains high.

Supports and resistances

1.2865

1.2825

1.2775

1.2735 Last

1.2690

1.2655

1.2620

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