GBP/USD may rise 37 - 62 pips

Pivot

1.2935

Our preference

Long positions above 1.2935 with targets at 1.2990 & 1.3015 in extension.

Alternative scenario

Below 1.2935 look for further downside with 1.2905 & 1.2880 as targets.

Comment

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

Supports and resistances

1.3040

1.3015

1.2990

1.2953 Last

1.2935

1.2905

1.2880

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