GBP/USD may fall 27 - 47 pips

Pivot

1.2770

Our preference

Short positions below 1.2770 with targets at 1.2705 & 1.2685 in extension.

Alternative scenario

Above 1.2770 look for further upside with 1.2800 & 1.2830 as targets.

Comment

The immediate trend remains down and the momentum is strong.

Supports and resistances

1.2830

1.2800

1.2770

1.2732 Last

1.2705

1.2685

1.2650

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