GBP/USD: wave analysis on 28.05.2015

May 28, 2015

A bearish correction is nearing completion, the pair may rise.

Supposedly, a bearish correction has finished within the zigzag-shaped wave B that has reached a correction level of 38%. Currently, there's no confirmation that the wave ñ of B is completed, and the pair may continue declining to the next level of 50% (1.5200). A breakout at a level of 1.5435 will confirm the completion of the third wave of the zigzag while consolidation above will allow the pair to continue growing to the levels of 1.5700–1.5800. 

Trading tips

Sell the pair from corrections below the level of 1.5435 with a target at 1.5200.

Alternative scenario

Breakout and consolidation above the level of 1.5435 will allow the pair to continue the rise up to the levels of 1.5700–1.5800. 

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