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MIG Bank

MIG Bank

MIG Bank

MIG BANK, formerly known as MIG INVESTMENTS, was established in Neuchatel, Switzerland as an online Forex broker and in 2009 became the world's 1st Forex…

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GBP/USD - Ready To Break Uptrend Channel

GBP/USD keeps on bouncing on support implied by the lower bound of the uptrend channel. Hourly support is given at 1.4300 (21/04/2016 low) while hourly resistance can be found at 1.4543 (06/05/2016 high). Stronger resistance is located at 1.4770 (03//2016 high). A break of the uptrend channel is necessary to confirm deeper selling pressures.

The long-term technical pattern is negative and favours a further decline towards key support at 1.3503 (23/01/2009 low), as long as prices remain below the resistance at 1.5340/64 (04/11/2015 low see also the 200 day moving average). However, the general oversold conditions and the recent pick-up in buying interest pave the way for a rebound.

Daily Technical Report

 

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