GBP/USD may fall 23 - 38 pips

Pivot

1.2775

Our preference

Short positions below 1.2775 with targets at 1.2725 & 1.2710 in extension.

Alternative scenario

Above 1.2775 look for further upside with 1.2790 & 1.2810 as targets.

Comment

As long as 1.2775 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2810

1.2790

1.2775

1.2748 Last

1.2725

1.2710

1.2690

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