Ready to target 1.3000.
• GBP/USD keeps pushing higher. Resistance at
1.2905 (18/04/2017 low) has been broken. The
pair has exited the short-term bearish
momentum. Hourly support can be found at
1.2757 (21/04/2017 low). An unlikely break of this
support would indicate further weakness.
• 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 Yann Quelenn )