0
59
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)