With trade tension ongoing and brexit uncertainty, fundamentally it looks like it can easily go beyond 125, but its unlikely that we go down in a straight line, especially when you see on the left their is a long term ascending channel on monthly
Now its not like calling a bottom here, but gradually building long position for further recovery
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Though i am in long , but it looks more like consolidation now before further drop. So strategy here would be on a 1 lot trade , scalp .75 and put .25 for the long bid
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Scalping would be best here as price can still fall due to jpy’s impending strength backed by uncertainty in financial markets... keep an eye on yeild curve
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Profit taken at 132.700, GBP is due for a pullback now