Resistance near 136.94 was tested again an once more repelled prices lower. We continue to look for a final dip closer to 134.52 to complete wave 2 and set the stage for a new impulsive rally in wave 3. This rally will ultimately break above the 148.87 peak.
We can note downside momentum weakening and expect the low of wave 2 will be found soon.
R3: 137.35
R2: 136.94
R1: 136.56
Pivot: 136.08
S1: 135.85
S2: 135.35
S3: 135.00
Trading recommendation:
We will buy GBP at 134.65 or upon a clear break above 136.94