GBP/SGD may fall 51 - 70 pips

Our pivot point stands at 1.7105.

Our preference

The downside prevails as long as 1.7105 is resistance.

Alternative scenario

Above 1.7105, look for 1.7137 and 1.7156.

Comment

The RSI is below 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price stands below its 20 and 50 period moving average (respectively at 1.7090 and 1.7090). Finally, the GBP/SGD has penetrated its lower Bollinger band (1.7064).

Supports and resistances

1.7156 **

1.7137 *

1.7105 **

1.7092

1.7063 last

1.7012

1.6993 **

1.6974 *

1.6955 **

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