GBP/USD may fall 24 - 49 pips

Pivot

1.3040

Our preference

Short positions below 1.3040 with targets at 1.3000 & 1.2975 in extension.

Alternative scenario

Above 1.3040 look for further upside with 1.3055 & 1.3070 as targets.

Comment

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

Supports and resistances

1.3070

1.3055

1.3040

1.3024 Last

1.3000

1.2975

1.2950

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