GBP/USD may fall 20 - 40 pips

Pivot

1.2855

Our preference

Short positions below 1.2855 with targets at 1.2810 & 1.2790 in extension.

Alternative scenario

Above 1.2855 look for further upside with 1.2875 & 1.2890 as targets.

Comment

As long as 1.2855 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2890

1.2875

1.2855

1.2830 Last

1.2810

1.2790

1.2770

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