1. We're consolidating below the 2009 low @1.35 and after the strong BREXIT induced drop.
2. After such a strong one-sided move I'm inclined to trade with a Short Bias looking for a breakdown.
3. A clean move below 1.29 should really start the down move and TBH I don't know what the targets are because we're all new all time lows so I'd look to hit a clean psychological number like 1.25
In conclusion, set a sell stop at 1.29. Otherwise, no play
Retails traders getting more long this pair - Look out below!
Keep trading the long term setups!