GBP/USD may rise 24 - 49 pips

Pivot

1.2700

Our preference

Long positions above 1.2700 with targets at 1.2745 & 1.2770 in extension.

Alternative scenario

Below 1.2700 look for further downside with 1.2680 & 1.2660 as targets.

Comment

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

Supports and resistances

1.2795

1.2770

1.2745

1.2721 Last

1.2700

1.2680

1.2660

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