Another rejection of Ms. May's Brexit proposal disappointed the market and sent GBP lower. The break below support at 141.65 was a clear signal that wave ii still is in motion and likely headed lower towards 140.30 before completing wave ii.
Short-term, we should see a minor pop to 141.67 before moving lower to the ideal target at 140.30 to complete wave ii and set the stage for another impulsive rally.
R3: 143.03
R2: 142.42
R1: 141.67
Pivot: 141.29
S1: 141.04
S2: 140.74
S3: 140.30
Trading recommendation:
Our stop at 141.65 was hit for a loss. We will re-buy GBP at 140.40 and place our stop at 139.90
