After clearing our first targets on the test of 1.310 area prices have bounced and we are witnessing some nice profit taking. Here we can be clear, a decline through the most recent lows will open up the leg for a deeper setback towards 1.28 and 1.24.
The new season of the Brexit drama is kickstarting next week, the underlying economic remain the same and here expecting a Hard Brexit as the final outcome.
Technically speaking for those looking to trade the entire swing, a decline through 1.24 will open up a test of the key support from the BoE at 1.21.
Lets see how it goes.