GBP/USD may rise 17 - 32 pips

Pivot

1.2745

Our preference

Long positions above 1.2745 with targets at 1.2780 & 1.2795 in extension.

Alternative scenario

Below 1.2745 look for further downside with 1.2730 & 1.2710 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

1.2810

1.2795

1.2780

1.2763 Last

1.2745

1.2730

1.2710

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