The pair broke below the 200 day MA turning the longer term momentum to bearish. I will sell the rebounds, and i will not try to catch the rebound. On the upside, the 1.3600 level continue to be the first hurdle and is followed by resistance near the 1.3630 region, above which a short-covering might continue to lift the pair further towards reclaiming the 1.3700 handle. The 10th of May will provide a rate announcement for the GBP. However, there is virtually no chance of a rate hike so any rebound will be end just there. My target on the downside is the year today lows at 1.3460.

Keep calm and trade responsibly.....
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