GBP is falling as expected and currently trading near 1.8830. Next level of support is at 8810/8780/8730 and 8600. Resistance are at 8920/8980/9060 and 9145.
Wave wise it is difficult to interprete right now but we have 2 theories at the moment to consider. In bullish view GBP sould retrace 8780/8700 area and in bearish theory it should break below 8600 for 8540/8380and 8100.
At the moment we are not sure which one is going to unfold but what happens at 8780/8700 will make the picture clear.
We are SHORT GBP/USD from 8940 and stop now at 8910 . We shall reduce our lot size to 1/2 at 8800 and watch the trade.
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