GBP/SGD may fall 56 - 78 pips

1.7094 is our pivot point.

Our preference

Technical rebound towards 1.7094 before a new drop.

Alternative scenario

The upside breakout of 1.7094, would call for 1.7131 and 1.7154.

Comment

The RSI is above 50. The MACD is positive and above its signal line. The configuration is positive. Moreover, the price stands above its 20 period moving average (1.7049) but below its 50 period moving average (1.7061).

Supports and resistances

1.7154 **

1.7131 *

1.7094 **

1.7079

1.7060 last

1.7004

1.6982 **

1.6959 *

1.6937 **

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