GBP/USD trades below 1.38, approaching hourly support at 1.3742 (16/01/2018 low). The upward trend of November 2017 remains however intact. Hourly resistance is given at 1.4151 (05/02/2018 high). The technical structure suggests further short-term downside moves.
The long-term technical pattern is reversing. The Brexit vote had paved the way for further decline but the pair is moving to 2016 highs. Long-term support and resistance are given at 1.1841 (07/10/2017 low) and 1.5018 (24/06/2016 high).
. The upward trend of November 2017 remains however intact. Hourly resistance is given at 1.4151 (05/02/2018 high). The technical structure suggests further short-term downside moves.){kind=link}