GBP/USD may fall 47 - 69 pips

Our pivot point stands at 1.2993.

Our preference

Target 1.2887.

Alternative scenario

Above 1.2993, look for 1.3030 and 1.3052.

Comment

The RSI is below 50. The MACD is below its signal line and positive. The MACD must penetrate its zero line to expect further downside. Moreover, the pair is trading under its 20 period moving average (1.2964) but above its 50 period moving average (1.2940).

Supports and resistances

1.3052 **

1.3030 *

1.2993 **

1.2978

1.2956 last

1.2909

1.2887 **

1.2865 *

1.2842 **

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