GBP/USD recovery phase is ended. The pair is weakening and heading for the 1.38 range. Hourly support lies at 1.3678 (12/01/2018 low) while hourly resistance at 1.3945 (19/01/2018 high) is distanced. The technical structure suggests short-term increase.
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).