GBP/SGD may fall 35 - 46 pips

1.7226 is our pivot point.

Our preference

The downside prevails as long as 1.7226 is resistance.

Alternative scenario

Above 1.7226, look for 1.7246 and 1.7258.

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 1.7229 and 1.7212). Finally, the GBP/SGD is trading below its lower Bollinger band (standing at 1.7202).

Supports and resistances

1.7258 **

1.7246 *

1.7226 **

1.7219

1.7201 last

1.7166

1.7155 **

1.7143 *

1.7131 **

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