There was no time for even the slightest correction and the key support at 131.88 is being tested. We don't see a direct break below this key-support, but rather a correction to 133.18 and possibly even closer to 133.64 before renewed downside pressure through the key support at 131.88 for a decline to below 123.99 to complete the long-term decline from 147.95.
Short-term a break above minor resistance at 132.69 will confirm the expected mini rally to 133.18 and possibly 133.64 before lower again.
R3: 133.64
R2: 133.18
R1: 132.69
Pivot: 131.88
S1: 131.10
S2: 130.50
S3: 130.05
Trading recommendation
We will sell GBP at 133.50 or upon a break below 131.88
