GBP/USD Recovery Phase

GBP/USD momentum starts back, approaching 1.40. The pair is currently contained between hourly support and resistance at 1.3765 (09/02/2018 low) and 1.4151 (05/02/2018 high). 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).

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