(31 JULY 2017)GBP / USD:Momentum is fading around strong  resistance area.

(31 JULY 2017)GBP / USD:Momentum is fading around strong resistance area.

31 July 2017, 13:27
Jiming Huang
0
14

gbp


Momentum is fading around strong 

resistance area.

(Yann Quelenn )

• GBP/USD still lies within a bullish trend. Hourly 

resistance is given at 1.3159 (27/07/2017 high). 

Hourly support is given at 1.2933 (20/07/2017 

low). Expected to show renewed monitoring of 

resistance below 1.3200. 

• 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.

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