HomeContributorsTechnical AnalysisGBP/USD Sideways Price Action

GBP/USD Sideways Price Action

GBP/USD has successfully tested support at 1.3155 bouncing strongly to resistance at (1.3229 reaction high). Hourly resistance stands at 1.3338 (13/10/2017 high). Key support can be found at (1.3088 12/10/2017 low).

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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