Low volatility over the Easter holidays has extended the corrective rally from 123.99 through resistance at 134.70, which did open a window for a move closer to 135.41 (already tested) and maybe even closer to 137.15 before the correction finally peaks and wave v to below 123.99 is initiated.
Only a direct break below minor support at 134.35 and more importantly a break below support at 133.67 will confirm wave iv being complete and wave v unfolding.
R3: 137.15
R2: 136.39
R1: 135.41
Pivot: 134.35
S1: 133.67
S2: 132.97
S3: 132.41
Trading recommendation:
We will sell GBP at 136.95 or upon a break below 134.35
