(26 JUNE 2017)GBP / USD:Strengthening within downtrend bearish  move.

(26 JUNE 2017)GBP / USD:Strengthening within downtrend bearish move.

26 June 2017, 13:34
Jiming Huang
0
17

gbp


Strengthening within downtrend bearish 

move.

• GBP/USD is still bouncing higher since the pair 

failed to hold below former hourly support given 

at 1.2636 (09/06/2017 low). Hourly resistance lies 

at 1.2818 (14/06/2017 high). Expected to show 

further renewed selling 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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