GBP/SGD may fall 53 - 73 pips

Our pivot point stands at 1.7124.

Our preference

As long as 1.7124 is resistance look for 1.7017.

Alternative scenario

Above 1.7124, look for 1.7157 and 1.7177.

Comment

The RSI is below its neutrality area at 50. The MACD is above its signal line and positive. The break above the 50 area on the RSI should trigger further gains. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.7096 and 1.7099).

Supports and resistances

1.7177 **

1.7157 *

1.7124 **

1.7111

1.7090 last

1.7037

1.7017 **

1.6997 *

1.6978 **

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