The pair broke below the 200 day MA turning the longer term momentum to bearish. I will sell the rebounds, and i will not try to catch the rebound. On the upside, the 1.3600 level continue to be the first hurdle and is followed by resistance near the 1.3630 region, above which a short-covering might continue to lift the pair further towards reclaiming the 1.3700 handle. The 10th of May will provide a rate announcement for the GBP. However, there is virtually no chance of a rate hike so any rebound will be end just there. My target on the downside is the year today lows at 1.3460.
Keep calm and trade responsibly.....
Keep calm and trade responsibly.....