Technical Analysis

GBP/USD Short-Term Consolidation

Typography

GBP/USD is consolidating lower. The pair has set up new hourly resistance at 1.3329 (13/09/2017 high). Strong support is given at 1.2774 (24/08/2017 low). Expected to show continued short-term bullish 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.

Author: Swissquote Bank SA Website: http://en.swissquote.com/fx
Swissquote Bank SA
Trading foreign exchange, spot precious metals and any other product on the Forex platform involves significant risk of loss and may not be suitable for all investors. Prior to opening an account with Swissquote, consider your level of experience, investment objectives, assets, income and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not speculate, invest or hedge with capital you cannot afford to lose, that is borrowed or urgently needed or necessary for personal or family subsistence. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
More from the author