GBP/USD may rise 41 - 66 pips

Pivot

1.2755

Our preference

Long positions above 1.2755 with targets at 1.2815 & 1.2840 in extension.

Alternative scenario

Below 1.2755 look for further downside with 1.2725 & 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

1.2774 Last

1.2755

1.2725

1.2705

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