The break back below short-term key support at 142.41 confirmed that wave b completed already with the test of 144.36 and wave c lower now is unfolding for a decline to to the 137.31 - 137.57 area to complete wave iv or at least the first part of a more complex correction in wave iv.
Short-term resistance is seen at 142.22 and again at 142.78 which is expected to cap the upside for more downside pressure towards the 137.31 - 137.57 target-area.
R3: 143.00
R2: 142.78
R1: 142.22
Pivot: 141.97
S1: 141.61
S2: 141.14
S3: 141.85
Trading recommendation:
Our stop at 142.35 was hit for a nice little profit of 85 pips and we sold GBP at 142.35 too. We will close this short-trade here at 141.75 for another little profit of 60 pips and be ready to sell GBP at 142.50 if seen.
