We have seen a nice decline from the 135.45 peak, but key-support at 131.88 remains intact, so we can't say for sure, that the corrective rally from 123.99 has completed. It's however our preferred view and we expected more downside pressure after a minor counter-rally towards the 133.98 - 134.33 resistance-area. Once this resistance-area has been tested more downside pressure is expected through key-support at 131.88 to below 123.99 to complete the decline from 147.95.
R3: 135.45
R2: 134.27
R1: 133.40
Pivot: 132.64
S1: 132.35
S2: 131.88
S3: 131.10
Trading recommendation:
We will sell GBP at 134.10 or upon a break below 131.88
