(09 OCTOBER 2017)GBP / USD:Bouncing higher within downtrend  channel.

(09 OCTOBER 2017)GBP / USD:Bouncing higher within downtrend channel.

9 October 2017, 13:41
Jiming Huang
0
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gbp


Bouncing higher within downtrend 

channel.

(By Yann Quelenn)

• GBP/USD is consolidating higher within 

downtrend channel. The pair lies in a downtrend 

channel since the pair has topped 1.3657 

(20/09/2017 high). Expected to show continued 

bearish pressures. Wide-open for further 

decrease. 

• 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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