GBP/USD: review for 01.07.2015

July 1, 2015

The upward trend is strong, but there is a local correction of the pair.

Supposedly, the development of wave C of 2 within a bull correction of the senior level continues. At the moment, the first wave i of C has probably finished forming, and the local correction in a form of the second wave ii of C is developing. If the assumption is correct, after correction is completed the pair continues growing towards 1.6400.

Trading tips

In the short-run, open short positions below 1.5768 with the target at 1.5550.

Alternative scenario

The breakout and consolidation above 1.5786 would allow the pair to continue growing towards 1.6400. 

Publication source
LiteForex information  LiteForex reviews

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