The pound continues to drop due to correction.

Supposedly, a bearish correction in a form of second wave (2) continues to form. The final wave c of (2) is forming locally, with the main impetus developing within. If this assumption is correct and the price does not break the critical level 1.4630, the pair will continue to rise to the levels at 1.5200-1.5400 within the third wave once the wave с of (2) has stopped forming. 

Trading tips

Wait for completion of correction and buy the pair from corrections above a level of 1.4630 with targets at 1.5200-1.5400 in the presence of confirming signals.

Alternative scenario

Breakdown and consolidation below the level of 1.4630 will allow the pair to continue declining to a level of 1.4400.

GBP/USD: wave analysis

GBP/USD: wave analysis




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