FXPO is struggling to overcome resistance at 170 GBp

Previous gap was successfully closed but at the same time, several poor lows were created on the way up. Sellers might have some unfinished business at 164 GBp level and could continue opening short positions aggressively till 156 GBp level. In case of even small panic, we can expect retest of 149 GBp and 137 GBp levels.

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Sellers overcame support at 164 GBp. FXPO now aims at 156 GBp. Let's see what happens there.

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Those who prefer to mitigate risk, can close half of the position now (157 GBp).

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Level 156 GBp was rejected from below at a first attempt but we still have no acceptation below this level. In case of acceptation, nearest lower level is 149 GBp. Monitor for continuation.

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That was fast. We now have a gap formed from 156 GBp to 148 GBp which could be closed in case we see buyers during the day. Otherwise we might see selling till 140 GBp where buyers will be more or less comfortable forming their positions.

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If you're still holding shorts then it's a good spot to close them now completely at 139 GBp (better not wait for initial target at 137 GBp). Waiting for buyers to surface in this massacre will take some time.