Give this one some time to develop before pulling the trigger. Based off the current price action I'm more inclined to think scenario 2 will pan out. I think the markets clears all the early buyers and then picks up nearer to the base of the prior bullish impulse.
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Looks like the sell-off is likely to continue
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What a battering Sterling got this week, however, I think we are just about to enter a pretty interesting trading level that could present a serious change in sentiment.