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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 - Monitoring Downtrend Channel

GBP/USD still lies within a downtrend channel. The pair is trading below 1.3000 and the bearish momentum remains lively. Hourly resistance can be located at 1.3097 (08/08/2016 high). Expected to head towards support implied by the lower bound of the downtrend channel around 1.2900/20.

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.

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