GBP/USD may fall 25 - 50 pips

Pivot

1.2800

Our preference

Short positions below 1.2800 with targets at 1.2730 & 1.2705 in extension.

Alternative scenario

Above 1.2800 look for further upside with 1.2830 & 1.2860 as targets.

Comment

As long as 1.2800 is resistance, look for choppy price action with a bearish bias.

Supports and resistances

1.2860

1.2830

1.2800

1.2755 Last

1.2730

1.2705

1.2685

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