GBP/USD may rise 26 - 56 pips

Pivot

1.2770

Our preference

Long positions above 1.2770 with targets at 1.2800 & 1.2830 in extension.

Alternative scenario

Below 1.2770 look for further downside with 1.2750 & 1.2730 as targets.

Comment

A support base at 1.2770 has formed and has allowed for a temporary stabilisation.

Supports and resistances

1.2860

1.2830

1.2800

1.2774 Last

1.2770

1.2750

1.2730

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