(24 APRIL 2017):GBP / USD:Slightly lower.

(24 APRIL 2017):GBP / USD:Slightly lower.

24 April 2017, 13:58
Jiming Huang
0
30

GBP

Slightly lower.

• GBP/USD is consolidating lower after sharp 

bullish rally. Resistance stands at 1.2905 

(18/04/2017 low). The pair is now monitoring 

hourly support at 1.2775 (21/04/2017 low) as a 

break would confirm a weakening short-term 

bullish momentum. Hourly resistance is located 

at 1.2905 (18/04/2017 reaction 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 )

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