We are looking for a break above minor resistance at 140.51 and more importantly a break above resistance at 141.12 to confirm, that wave 2 has completed and wave 3 higher to 151.50 is developing.
Short-term, we seen support at 139.67 and again at 139.53. Ideally support at 139.67 will be able to protect the downside for the expected break above 140.51 confirming that a new impulsive rally is developing.
R3: 142.21
R2: 141.71
R1: 141.12
Pivot: 140.51
S1: 140.15
S2: 139.67
S2: 139.53
Trading recommendation:
We are long GBP at 139.80 with our stop placed at 139.45.
