GBP/USD may rise 32 - 62 pips

Pivot

1.2955

Our preference

Long positions above 1.2955 with targets at 1.3010 & 1.3040 in extension.

Alternative scenario

Below 1.2955 look for further downside with 1.2935 & 1.2915 as targets.

Comment

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

Supports and resistances

1.3070

1.3040

1.3010

1.2978 Last

1.2955

1.2935

1.2915

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