GBP/USD may rise 36 - 56 pips

Pivot

1.3050

Our preference

Long positions above 1.3050 with targets at 1.3120 & 1.3140 in extension.

Alternative scenario

Below 1.3050 look for further downside with 1.3030 & 1.3010 as targets.

Comment

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

Supports and resistances

1.3160

1.3140

1.3120

1.3084 Last

1.3050

1.3030

1.3010

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