GBP/USD may rise 26 - 56 pips

Pivot

1.2975

Our preference

Long positions above 1.2975 with targets at 1.3035 & 1.3065 in extension.

Alternative scenario

Below 1.2975 look for further downside with 1.2955 & 1.2935 as targets.

Comment

A support base at 1.2975 has formed and has allowed for a temporary stabilisation.

Supports and resistances

1.3100

1.3065

1.3035

1.3009 Last

1.2975

1.2955

1.2935

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