Pushing lower.
• GBP/USD remains weak near the support at
1.2334, indicating persistent selling pressures.
Hourly resistance is located at 1.2469
(07/04/2017 high).
• The long-term technical pattern is even more
negative since the Brexit vote has paved the way
for further decline. Long-term support given at
1.0520 (01/03/85) represents a decent target.
Long-term resistance is given at 1.5018
(24/06/2015) and would indicate a long-term
reversal in the negative trend. Yet, it is very
unlikely at the moment.
(by Peter Rosenstreich )
