GBP/USD - Heading Lower
GBP/USD has broken support given at 1.2254 (19/01/2017 low). Hourly resistance is given at 1.2570 (24/02/2017 high) w). The road is wide open for further decline.
The long-term technical pattern is even more negative since the Brexit vote has paved the way for further decline. Long-term support given at 1.0520 (01/03/85) represents a decent target. Long-term resistance is given at 1.5018 (24/06/2015) and would indicate a long-term reversal in the negative trend. Yet, it is very unlikely at the moment.