GBP/USD may rise 33 - 53 pips

Pivot

1.2735

Our preference

Long positions above 1.2735 with targets at 1.2780 & 1.2800 in extension.

Alternative scenario

Below 1.2735 look for further downside with 1.2710 & 1.2680 as targets.

Comment

A support base at 1.2735 has formed and has allowed for a temporary stabilisation.

Supports and resistances

1.2820

1.2800

1.2780

1.2747 Last

1.2735

1.2710

1.2680

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