GBP/USD - Moving Sharply Higher
GBP/USD is moving sharply higher from key support at 1.2334, suggesting a deeper shortterm base formation. Resistance stands at 1.2605 (18/04/2017 reaction high) then 1.2953. An hourly support can be found at 1.2581 (12/04/2017 base) then 1.2405 (11/04/2017 low).
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.