GBP/USD may fall 47 - 62 pips

Pivot

1.2795

Our preference

Short positions below 1.2795 with targets at 1.2740 & 1.2725 in extension.

Alternative scenario

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

Comment

As long as 1.2795 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2835

1.2815

1.2795

1.2787 Last

1.2740

1.2725

1.2690

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