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GBP/USD - Breaking Support At 1.2302

GBP/USD is trading below former uptrend channel. Strong support at 1.2302 (18/11/2016 low) has been broken while resistance lies at 1.2509 (16/12/2016 high). The technical structure suggests further weakness.

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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