GBP/USD may rise 39 - 58 pips

Our pivot point stands at 1.2812.

Our preference

Look for a drop towards 1.2812 before a bounce.

Alternative scenario

The downside breakout of 1.2812 would call for 1.2781 and 1.2762.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and below its signal line. The penetration of 50 on the RSI should trigger further losses. Moreover, the price is above its 20 and 50 period moving average (respectively at 1.2845 and 1.2850).

Supports and resistances

1.2945 **

1.2926 *

1.2908 **

1.2889

1.2850 last

1.2824

1.2812 **

1.2781 *

1.2762 **

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