We have seen the expected dip close to support at 144.60 (the low came in at 144.15). We are now looking for a break above minor resistance at 145.88 to confirm that a corrective low is in place and the next impulsive rally higher is developing, towards 148.88 on the way higher to the 161.8% extension target at 151.50.
Only an unexpected break below support at 143.69 will shift the directional bias to down.
R3: 147.31
R2: 146.46
R1: 145.88
Pivot: 145.30
S1: 144.81
R2: 144.60
S3: 144.15
Trading recommendation:
We bought GBP at 144.60 and we have placed or stop+reverse at 143.60.
