Sterling rebound into the Tues close hit our 1.2340 trailing stop

We took a big figure out of the trade with the drop from 1.2447

Long lower candle shadow Tues points to supply fade

However, while below 1.2413 the risk remains skewed to the downside

A 38.2% Fibo of the 1.1842-1.2447 climb provides a target at 1.2216

Momentum readings still reflect the early Jan bull run

We lean bearish but will look for better levels to sell

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