GBP/USD may fall 52 - 74 pips

Our pivot point stands at 1.2959.

Our preference

The downside prevails as long as 1.2959 is resistance.

Alternative scenario

The upside breakout of 1.2959, would call for 1.2996 and 1.3018.

Comment

The RSI is below its neutrality area at 50. The MACD is negative and below its signal line. The configuration is negative. Moreover, the price is trading under both its 20 and 50 period moving average (respectively at 1.2945 and 1.2967).

Supports and resistances

1.3018 **

1.2996 *

1.2959 **

1.2944

1.2929 last

1.2877

1.2855 **

1.2833 *

1.2811 **

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