GBP/USD may rise 18 - 38 pips

Pivot

1.2720

Our preference

Long positions above 1.2720 with targets at 1.2760 & 1.2780 in extension.

Alternative scenario

Below 1.2720 look for further downside with 1.2700 & 1.2680 as targets.

Comment

Even though a continuation of the consolidation cannot be ruled out, its extent should be limited.

Supports and resistances

1.2800

1.2780

1.2760

1.2742 Last

1.2720

1.2700

1.2680

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