GU, EU looking a little toppy here ... I'd expect GJ to also drop down to DPP @ 135.6 to pick up some stopping volume before taking it north - that's only 40 pips below where we are - a test of 135.2 might be necessary too, and whipping it 80 pips down or viceversa is often the pre-open London norm. Although TA seems to say there's a ride up from here, sentiment remains weak, and the market may just focus on the huge amount of negative news. Not sure what to expect overall, given the UK budget release but will be looking for potential longs once tests are passed.
I was hoping GJ would spike down much quicker to test 135.6/135.2, but it's methodical & drawn out dump is giving bearish signals: certainly on H1 there looks to be more to come, & H4's looking similar. I must say I'm in awe of the precision GJ's held in adhering to the downtrend line (light blue) since Mar 17's fake rally (US PPI?), which is where it was a few hours ago.
