(02 OCTOBER 2017)GBP / USD:Riding downtrend channel.

(02 OCTOBER 2017)GBP / USD:Riding downtrend channel.

2 October 2017, 13:30
Jiming Huang
0
16

gb


Riding downtrend channel.

(By Yann Quelenn)

• GBP/USD is pushing lower after topping at 

1.3657 (20/09/2017 high). Hourly support is given 

at 1.3155 (14/09/2017 low). Expected to show 

continued bearish pressures within downtrend 

channel. 

• The long-term technical pattern is reversing. 

The Brexit vote had paved the way for further 

decline. Long-term support can be found at 

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

given around 1.35 is at stake and indicates a 

long-term reversal in the negative trend. Yet, it is 

very unlikely at the moment.

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