We still regard the decline from 148.87 as the c-wave of a wave 2 correction. A low could have been found at 131.61, but we will need a break above minor resistance at 133.32 and more importantly a break above 134.45 that will strongly indicate that a new impulsive rally in wave 3 is taking over.
That said, we must accept the possibility of a dip closer to 130.61 as long as minor resistance at 133.32 is able to cap the upside.
R3: 133.31
R2: 132.85
R1: 132.54
Pivot: 132.14
S1: 131.95
S2: 131.50
S3: 131.00
Trading recommendation:
We are long GBP from 133.65
