We are looking for a break above minor resistance at 147.44 as confirmation that the corrective decline from 148.57 is complete and the next impulsive drive higher to 149.40 and the 161.8% extension target at 151.50 is developing.
Support is seen at 146.58, which we expected will be able to protect the downside for a break above 147.44.
R3: 148.57
R2: 147.83
R1: 147.44
Pivot: 147.10
S1: 146.58
S2: 146.21
S3: 145.79
Trading recommendation:
We are long GBP from 143.15 with our stop placed at 146.00. If you are not long GBP yet, then buy a break above 147.44 and use the same stop at 146.00.
The material has been provided by InstaForex Company - www.instaforex.com