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.
