GBP/USD may fall 31 - 56 pips

Pivot

1.2700

Our preference

Short positions below 1.2700 with targets at 1.2650 & 1.2625 in extension.

Alternative scenario

Above 1.2700 look for further upside with 1.2730 & 1.2745 as targets.

Comment

As long as the resistance at 1.2700 is not surpassed, the risk of the break below 1.2650 remains high.

Supports and resistances

1.2745

1.2730

1.2700

1.2681 Last

1.2650

1.2625

1.2600

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