We continue to expecte short-term key support at 136.26 will be able to protect the downside for a new rally above 137.33 and more importantly a break above resistance at 137.83 for a rally towards the former peak at 142.72 and ultimately above here too.
A break below 136.26 will call for a re-test of support at 135.59 and likely even lower towards 135.07.
R3: 137.33
R2: 136.85
R1: 136.77
Pivot: 136.26
S1: 135.92
S2: 135.59
S3: 135.37
Trading recommendation:
We are long GBP from 135.45 with our stop at 136.25
