GBP/USD may rise 45 - 64 pips

Our pivot point is at 1.2913.

Our preference

The upside prevails as long as 1.2913 is support.

Alternative scenario

The downside breakout of 1.2913 would call for 1.2882 and 1.2863.

Comment

The RSI is trading above 70. This could mean that either the pair is in a lasting uptrend or just overbought and that therefore a correction could shape (look for bearish divergence in this case). The MACD is positive and above its signal line. The configuration is positive. Moreover, the price is trading above both its 20 and 50 period moving average (respectively at 1.2912 and 1.2885).

Supports and resistances

1.3039 **

1.3020 *

1.3002 **

1.2983

1.2938 last

1.2926

1.2913 **

1.2882 *

1.2863 **

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