• 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
• 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 )