The corrective decline in red wave iv/ continues to unfold as expected. More downside pressure is expected towards the ideal target near 138.33 before a new impulsive rally in red wave v/ takes over for a rally towards 144.80 to complete red wave v/ and red wave iii.
In the short-term, we could see a temporary sideways consolidation before the next push lower towards 139.87 and ultimately our ideal target near 138.33.
R3: 141.62
R2: 141.39
R1: 141.16
Pivot: 140.85
S1: 140.64
S2: 140.10
S3: 139.87
Trading recommendation:
We will buy GBP near 138.50
