GBP/USD may fall 36 - 56 pips

Pivot

1.2945

Our preference

Short positions below 1.2945 with targets at 1.2890 & 1.2870 in extension.

Alternative scenario

Above 1.2945 look for further upside with 1.2970 & 1.2990 as targets.

Comment

As long as 1.2945 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2990

1.2970

1.2945

1.2926 Last

1.2890

1.2870

1.2850

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