(05 JUNE 2017)GBP / USD:Sideways price action.

(05 JUNE 2017)GBP / USD:Sideways price action.

5 June 2017, 13:41
Jiming Huang
0
18

GBP

Sideways price action.

• GBP/USD is bouncing from hourly support 

given at 1.2757 (21/04/2017 low). Hourly 

resistance lies at 1.3046 (18/05/2017 high). 

Expected to show renewed bearish 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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