(15 MAY 2017)GBP / USD:Sideways price action.

(15 MAY 2017)GBP / USD:Sideways price action.

15 May 2017, 13:49
Jiming Huang
0
18

gbp

Sideways price action.

• GBP/USD is trading mixed. Hourly resistance is 

given at 1.2989 (07/05/2017 high). Hourly support 

can be found at 1.2757 (21/04/2017 low). An 

unlikely break of this support would indicate 

further weakness. Expected to push higher. 

• 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)

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