(29 MAY 2017)GBP / USD:Heading towards support at 1.2757.

(29 MAY 2017)GBP / USD:Heading towards support at 1.2757.

29 May 2017, 14:07
Jiming Huang
0
19

gbp

Heading towards support at 1.2757.

• GBP/USD is trading lower. Hourly resistance 

lies at 1.3048 (18/05/2017 high). Hourly support 

given at 1.2831 (04/05/2017 low) has been 

broken. The pair is heading towards stronger 

support at 1.2757 (21/04/2017 low). An unlikely 

break of this last support would indicate further 

weakness. Expected to show renewed bullish 

pressures. 

• 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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