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GBP/USD - Heading Towards Support At 1.2757

By - May 29, 2017, 6:43 AM CDT

GBP/USD is trading lower. Hourly resistance lies at 1.3048 (18/05/2017 high). Hourly support given at 1.2831 (04/05/2017 low) has been broken. The pair is heading towards stronger support at 1.2757 (21/04/2017 low). An unlikely break of this last support would indicate further weakness. Expected to show renewed bullish pressures.

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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