The correction from 130.63 has extended through resistance at 131.92 for a test of the 50% corrective target of the decline from 135.45. We should see solid resistance in the 133.00 - 133.18 area which ideally will be able to cap the upside for a break below support at 132.07 indicating renewed downside pressure towards 130.63 and below towards 123.99. It will complete the long-term decline from 147.95. Once we have seen the final dip below 123.99 a new impulsive rally should be expected.
R3: 133.59
R2: 133.18
R1: 133.00
Pivot: 132.64
S1: 132.07
S2: 131.49
S3: 131.11
Trading recommendation:
We where stopped out at 132.50 and we will re-sell GBP upon a break below 132.07
The material has been provided by InstaForex Company - www.instaforex.com