With the break below Key support at 142.69 a decline to maximum 142.22 should be seen. Support at 142.22 needs to protect the downside, or I will need to make a re-count of the short-term count
Under the expectation that support at 142.22 Will protect the downside for a break above 143.21 to confirm that wave iv/ has completed and wave v/ higher towards 146.10 is developing.
Should support at 142.22 be broken, that will call for a decline to 141.88 before the recovery, but it will alter the short-term count slightly, but only slightly. The overall count calling for more upside remains well in place.
R3: 144.02
R2: 143.37
R1: 142.69
Pivot: 142.22
S1: 141.88
S2: 141.42
S3: 141.01
Trading recommendation:
Our stop at 142.50 was hit and profit of 160 pips was booked. We will re-buy GBP upon a break above 143.20.
