Support found around long term SR zone, the 200 Day MA and the uptrend-line.
However, the British economy is not looking too great and the GBP has more chance of falling than it does of bouncing and continuing uptrend.
Upcoming Japanese elections also set to cause more possible confusion.
Another possible reason for a drop is the RSI has not really come down all too far and there being a huge sell off this week.
In a normal circumstances, I'd have labelled this a LONG.. but with the U.K. economy not doing great and tensions fueled between Europe and England over Brexit, the pounds does not have such a great outlook.
Hi - Good call, it looks like a liquidity collection, COT data shows long GBP and extra shorts of JPY this week. giving us a retracement on the daily wave 1 Elliott. That shows as a trend break as shown here. You should then see a spike up (Retracement), people thinking it's going all the way back to 145+ and then the sharp drop down the monthly channel as per expectations. That lines up with COVID 2.0 and the Brexit farce. 👺