(04 SEPTEMBER 2017)GBP / USD:Grinding higher.

(04 SEPTEMBER 2017)GBP / USD:Grinding higher.

4 September 2017, 13:45
Jiming Huang


Grinding higher. 

(By Peter Rosenstreich)

• GBP/USD is recovering after its recent massive 

sell-off. Monitor the test of resistance at 1.2995 

(01/09/2017). Hourly support is given at 1.2774 

(24/08/2017 high) while hourly resistance is given 

at 1.2979 (29/08/2017 high). Expected to show 

short-term 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 can be 

found at 1.1841 (07/10/2017 low). Long-term 

resistance is given around 1.35 and would 

indicate a long-term reversal in the negative 

trend. Yet, it is very unlikely at the moment.

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