.
Negative sentiment on political uncertainty in the UK keeps sterling under pressure. The cross extends weakness on Friday and broke below target at 147.67 (Fibo 38.2% of 139.30/152.85 rally), as Thursday’s long bearish daily candle weighs.
Bears look for fresh negative signal on close below 147.67, with the pair being on track for the second weekly bearish close and biggest one-week fall since late January.
Next target lies at 147.02 (FE 138.2% / daily Kijun-sen / rising 30SMA) with further stretch of current third wave of five-wave cycle from 152.85, to target its Fibonacci expansion levels at 146.25 (FE 161.8%) and 145.76 (FE 176.4%).
Initial resistance lies at 148.02 (session high), followed by daily Tenkan-sen in steep fall (currently at 149.50).
Res: 147.67, 148.02, 148.37, 149.15
Sup: 147.02, 146.25, 146.07, 145.76
