Bouncing higher within downtrend
(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
• 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.