GBP/USD may fall 34 - 54 pips

Pivot

1.3040

Our preference

Short positions below 1.3040 with targets at 1.2980 & 1.2960 in extension.

Alternative scenario

Above 1.3040 look for further upside with 1.3060 & 1.3075 as targets.

Comment

As long as 1.3040 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.3075

1.3060

1.3040

1.3014 Last

1.2980

1.2960

1.2935

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