We continue to look for a deeper correction in red wave ii towards 130.78 before the next impulsive rally higher towards 137.60 in red wave iii.
On a short term basis, a break below minor support at 133.86 and more importantly a break below support at 133.28 will confirm more downside pressure towards at least 132.18 and ideally closer to 130.78 before the next impulsive rally should be ready to unfold.
R3: 137.69
R2: 136.32
R1: 135.40
Pivot: 133.86
S1: 133.28
S2: 132.18
S3: 130.78
Trading recommendation:
We continue to look for a GBP buying opportunity near 131.15
