There was no time for the expected correction in blue wave iv/ to correct in a simple manner, but we think a more complex correction is unfolding in blue wave iv/ and expect resistance near 147.97 to be able to cap the upside for a deeper correction closer to 145.28 before blue wave v/ is ready to take over for a rally towards resistance in the 155.55 - 156.61 area.
A break below minor support at 146.41 will indicate that the final dip closer to 145.28 is in motion.
R3: 148.87
R2: 148.23
R1: 147.91
Pivot: 147.28
S1: 146.66
S2: 146.36
S3: 145.95
Trading recommendation:
We are long 50% GBP from 142.27 and we will raise our stop to 146.40
The material has been provided by InstaForex Company - www.instaforex.com