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 )
