GBP/SGD may fall 47 - 60 pips

Our pivot point stands at 1.6989.

Our preference

The downside prevails as long as 1.6989 is resistance.

Alternative scenario

The upside breakout of 1.6989, would call for 1.7010 and 1.7023.

Comment

The RSI is below 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.6990 and 1.7036).

Supports and resistances

1.7023 **

1.7010 *

1.6989 **

1.6980

1.6970 last

1.6923

1.6910 **

1.6897 *

1.6885 **

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