GBP/USD: wave analysis on 17.07.2015

July 17, 2015

The pair growth is expected.

Presumably, a development of wave C of 2 within an upward bear correction of the senior level continues. At present, the formation of the local correction in a form of wave ii of C is finished and the formation of the third wave started, within which wave (ii) of iii is forming. If the assumption is correct and the price does not break down the critical level of 1.5555, the pair growth within the third wave is going to continue towards 1.6300.

Trading tips

Open long positions above 1.5555 with targets at 1.5800, 1.6300.

Alternative scenario

The breakdown and consolidation below 1.5555 would allow the pair to fall to 1.5300, 1.5200.

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