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GBP/USD - Growing Bullish Momentum

GBP/USD has exited its hourly range by breaking hourly resistance at 1.3279 (26/08/2016 high). Last significant low can be found at 1.2866 (15/08/2016 low). Closest support is given at 1.3024 (19/08/2016 low). As expected the low volatility was indicating that selling pressures were fading.

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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