* Within this basing process there is often one very aggressive sell off.
* We have already squared our first attempt at selling above 0.81 but have sold again for a move that should convince the market it is falsely in trend... when the reality is consolidation.
Euro Sterling remains within corrective consolidation below the 0.8165 high.
Having ended a rising wedge at 0.8145 to complete what we think was an irregular correction, the sharp impulsive drop that duly and perfectly held daily trend support in the 0.8025 region encourages our view that this is the first leg of a larger but corrective decline.
So having retraced just beyond 0.8105 the 61.8% we have resold with 0.8170 stops for a loss of 8025 this time to accelerate short term weakness beyond 0.7960 and 0.7910.
But remember we are bullish medium term so we will eventually look to buy weakness or default on a break of 0.8165 and 0.8220.
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