GBP/USD may fall 29 - 59 pips

Pivot

1.2735

Our preference

Short positions below 1.2735 with targets at 1.2660 & 1.2630 in extension.

Alternative scenario

Above 1.2735 look for further upside with 1.2775 & 1.2805 as targets.

Comment

The RSI calls for a new downleg.

Supports and resistances

1.2805

1.2775

1.2735

1.2689 Last

1.2660

1.2630

1.2610

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