GBP/USD may rise 31 - 56 pips

Pivot

1.2750

Our preference

Long positions above 1.2750 with targets at 1.2815 & 1.2840 in extension.

Alternative scenario

Below 1.2750 look for further downside with 1.2730 & 1.2705 as targets.

Comment

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

Supports and resistances

1.2865

1.2840

1.2815

1.2784 Last

1.2750

1.2730

1.2705

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