As long as support at 136.62 is able to protect the downside, we should continue to look higher towards strong resistance in the 139.57 - 140.70 area before a more substantial correction should be expected.
A break below minor support at 137.69 will call for a corrective decline towards 137.11, but a break below 136.62 will be needed to call for a deeper correction unfolding.
R3: 140.70
R2: 139.57
R1: 138.27
Pivot: 137.69
S1: 137.11
S2: 136.62
S3: 135.75
Trading recommendation:
We are long GBP from 134.65 and we will raise our stop to 136.50.
