Pound pairs have gapped lower off of Friday’s high. May have something to do with the headline in The Sunday Times ‘Tory turmoil as 40 MPs say May must go’. When trading gaps, we wait for the gap to fill and then continue trading in the original direction. I have not included GBPJPY in the below technical analysis as I am a bull on Yen pairs in Q4. I have included GBPCHF though keep in mind – if we get the weakness in the Yen that we are expecting, CHF could also weaken due to risk on trade (safe havens are weak in risk-on markets) so therefore you may choose to rather not sell GBPCHF as a weak GBP and weak CHF makes for a sideways GBPCHF. Remember that all the Pound pairs came off MM3 at the start of the month and so therefore if you are a Bear this could be your second entry on the monthly bearish swing and therefore instead of taking profit at the end of the week one could hold these trades until we reach MM1/ MS2 respectively.