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. 

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