As you can see Moodys decided to downgrade UK debt to AA1 from AAA, even when almost just the american (and only those who keep trading until very late) could react to this new information, the market didn't broke the minimum at 5130, there for exist the chance that if this zone resist we see a kick up to the 5232 to 5348 resistance.
Any way the chances are, if you observe the dynamic of this downtrend, that the price do not retrace back more than the 38.6% (even I think retrace less) and return to the down side again.
You have 2 choices or wait until the retracement ends, but take the risk of lost a pretty good down movement or jump into the sell off this Sunday at the start of trade.
If the price keep the acceleration, you can see how easily can go down to the weekly support around 1.4455-1.4401 that's the more aggressive target.
Even so the price could stop the down side movement at 1.618 extension o the last swing at 1.4684, there fore I suggest to take some profits there and with the SL at break even let it run until the trend show signs of weakening or the 1.44 target take out our trade.
Any way the chances are, if you observe the dynamic of this downtrend, that the price do not retrace back more than the 38.6% (even I think retrace less) and return to the down side again.
You have 2 choices or wait until the retracement ends, but take the risk of lost a pretty good down movement or jump into the sell off this Sunday at the start of trade.
If the price keep the acceleration, you can see how easily can go down to the weekly support around 1.4455-1.4401 that's the more aggressive target.
Even so the price could stop the down side movement at 1.618 extension o the last swing at 1.4684, there fore I suggest to take some profits there and with the SL at break even let it run until the trend show signs of weakening or the 1.44 target take out our trade.