GBP/USD may fall 48 - 70 pips

Our pivot point stands at 1.2980.

Our preference

The downside prevails as long as 1.2980 is resistance.

Alternative scenario

Above 1.2980, look for 1.3017 and 1.3039.

Comment

The RSI is below its neutrality area at 50. The MACD is below its signal line and negative. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.2967 and 1.2975).

Supports and resistances

1.3039 **

1.3017 *

1.2980 **

1.2965

1.2949 last

1.2901

1.2879 **

1.2857 *

1.2835 **

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