(18 DECEMBER 2017)GBP / USD:Riding short-term downtrend channel.

Riding short-term downtrend channel.

(By Yann Quelenn )

• GBP/USD continues to move lower within

downtrend short-term channel. The technical

structure indicates further weakness. Support is

given at a distance at 1.3302 (15/12/2017 low).

• The long-term technical pattern is reversing.

The Brexit vote had paved the way for further

decline. Long-term support can be found at

1.1841 (07/10/2017 low). Long-term resistance

given around 1.35 is at stake and indicates a

long-term reversal in the negative trend. Yet, it is

very unlikely at the moment.