We continue to look for a final dip closer to 134.50 to complete the wave 2 and set the stage for a new impulsive rally in the wave 3 that will ultimately break above the 148.87 peak.
In the short term, we see resistance at 136.24 and important resistance at 136.89. And only a breakout above the later will confirm that the wave 2 has completed and the wave 3 is developing.
R3: 136.89
R2: 136.46
R1: 136.24
Pivot: 135.75
S1: 135.35
S2: 135.00
S3: 134.50
Trading recommendation:
We will buy GBP at 134.65.
