GBP/USD may fall 30 - 50 pips

Pivot

1.2795

Our preference

Short positions below 1.2795 with targets at 1.2740 & 1.2720 in extension.

Alternative scenario

Above 1.2795 look for further upside with 1.2815 & 1.2835 as targets.

Comment

As long as the resistance at 1.2795 is not surpassed, the risk of the break below 1.2740 remains high.

Supports and resistances

1.2835

1.2815

1.2795

1.2770 Last

1.2740

1.2720

1.2695

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