GBP/USD may fall 42 - 72 pips

Pivot

1.2780

Our preference

Short positions below 1.2780 with targets at 1.2705 & 1.2675 in extension.

Alternative scenario

Above 1.2780 look for further upside with 1.2810 & 1.2840 as targets.

Comment

As long as 1.2780 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2840

1.2810

1.2780

1.2747 Last

1.2705

1.2675

1.2650

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