(17 APRIL 2017)GBP / USD:Pushing higher

(17 APRIL 2017)GBP / USD:Pushing higher

18 April 2017, 10:49
Jiming Huang
0
36

GBP


Pushing higher. 

• GBP/USD has rallied off key support at 

1.2334, suggesting a potential short-term base 

formation. Key resistance stands at 1.2605 

(27/03/2017 high). An hourly support can be 

found at 1.2581 (12/04/2017 base) then 1.2405 

(11/04/2017 low). 

• 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 )

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