The recovery from 136.53 does look promising indicating more upside pressure once the ongoing correction is complete. This correction could move a bit closer to 137.05 before renewed upside pressure should be expected for a re-test of minor resistance at 137.79 and a break above here, will confirm that wave 2 completed with the test of 136.53 and a new impulsive rally is building for an ultimate break above 148.87.
R3: 138.46
R2: 138.01
R1: 137.79
Pivot: 137.44
S1: 137.05
S2: 136.84
S3: 136.53
Trading recommendation:
We are long GBP from 137.50 with our stop placed at 136.50.
