GBP/USD: wave analysis on 06.07.2015

July 6, 2015

The upward trend is strong, the correction is finishing.

Supposedly, the development of the wave C of 2 within upward bull correction of the senior level continues. At present, a formation of the first wave i of C is likely to have finished and the local correction in a form of the second wave ii of C is finishing. If the assumption is correct, the pair growth within the third wave towards 1.6400 soon resumes.

Trading tips

Wait for the formation of a starting impetus and open long positions above 1.5520 with the target at 1.6400.

Alternative scenario

The breakdown and consolidation below 1.5520 would allow the pair to continue falling towards 1.5200. 

Publication source
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