GBP/SGD may rise 34 - 50 pips

Our pivot point stands at 1.7131.

Our preference

Rebound.

Alternative scenario

The downside breakout of 1.7131 would call for 1.7103 and 1.7087.

Comment

The RSI is above its neutrality area at 50. The MACD is negative and above its signal line. The MACD must break above its zero level to call for further upside. Moreover, the price is trading above its 20 period moving average (1.7168) but under its 50 period moving average (1.7182).

Supports and resistances

1.7258 **

1.7241 *

1.7225 **

1.7209

1.7175 last

1.7141

1.7131 **

1.7103 *

1.7087 **

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