We continue to look for a breakout above resistance at 136.06 and, more importantly, a breakout above resistance at 136.26 to confirm that a firm bottom has been found at 135.08 and a new impulsive rally is developing for a rally towards 137.79 and above.
Only an unexpected breakout below support at 135.05 will reinstate the 134.50 target to complete the wave 2.
R3: 136.78
R2: 136.22
R1: 135.98
Pivot: 135.65
S1: 135.44
S2: 135.20
S3: 135.05
Trading recommendation:
We are long GBP from 135.75 with our stop placed at 135.00.
