GBP/SGD may fall 43 - 58 pips

Our pivot point is at 1.7198.

Our preference

As long as 1.7198 is resistance look for 1.7120.

Alternative scenario

Above 1.7198, look for 1.7223 and 1.7238.

Comment

The RSI is above 50. The MACD is below its signal line and negative. The penetration of 50 on the RSI should trigger further losses. Moreover, the price stands above its 20 period moving average (1.7178) but below its 50 period moving average (1.7181).

Supports and resistances

1.7238 **

1.7223 *

1.7198 **

1.7188

1.7178 last

1.7135

1.7120 **

1.7105 *

1.7090 **

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