GBP/USD’s selling pressures are increasing. The pair has exited downtrend short-term channel. The technical structure indicates further short-term potential downside. Hourly support is given at a distance at 1.3495 (03/01/2017 low) while hourly resistance can be found at 1.3613 (03/01/2017 high).
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.
