The break below important support at 143.74 confirmed that wave 2 still is in motion. The sideways consolidation since mid-March has been a b-wave triangle and the break below 143.74 confirmed that wave c lower to 141.05 is developing.
Short-term the triangle support-line near 143.74 will act as resistance and turn prices lower towards the ideal target at 141.05.
R3: 145.34
R2: 144.52
R1: 143.74
Pivot: 143.31
S1: 142.90
S2: 142.52
S3: 141.85
Trading recommendation:
We are short GBP from 143.70 We will move our stop lower to 144.40
The material has been provided by InstaForex Company - www.instaforex.com