GBP/USD may fall 29 - 40 pips

Our pivot point stands at 1.2796.

Our preference

As long as 1.2796 is resistance look for 1.2741.

Alternative scenario

Above 1.2796, look for 1.2815 and 1.2826.

Comment

The RSI is below its neutrality area at 50. The MACD is positive and above its signal line. The break above the 50 area on the RSI would call for further upside. Moreover, the price stands above its 20 period moving average (1.2774) but below its 50 period moving average (1.2791).

Supports and resistances

1.2826 **

1.2815 *

1.2796 **

1.2789

1.2781 last

1.2752

1.2741 **

1.2730 *

1.2719 **

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