STANDING AT A CRITICAL POINT
Long term: The pair stayed in a well formated upwards channel for the last 1.5 year with limits between 1.4700-1.3700. This formation broke downwards, following the upwards movement of the us dollar and the problems of Britain.Short term key level is the 1.3400.In case of downwards break of this level we see the 1.2900-1.2800 as the next target. For the time beeing we are short.We remain short as declared previously,profits up to 750 pips until now,meeting the second target.We have until now met with all our targets,realizing profits of 1200 pips.After a short term reaction we are expecting continuation of the downwards movement with lower target at 1.1900 area.Reaction completed,we stand now at the mid term critical support of 1.2700,in case of downwards break we accelerate towards the major target.Movement stopped at 1.2390 higher than our lower target of 1.1900 and the pair is now reacting.As long as it stays below the 1.3300 level,we are expecting new downwards acceleration towards the 1.1900.We now stand at this critical point that we described some months ago.Due to the difficult situation Britain is facing,the pair is at the critical crossroad of the 1.1900 area.In case of a downwards break of tis level,we will be facing numbers never seen for many years like 1.0400 and 0.8000.
Short term: We can try going short aiming 1.2200.
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