Correctional wave is expected to be formed

24 August 2015, GBP/USD

Since the situation on the hourly and 4-hour chart is confusing and unclear, I would like to check the daily chart of the pair pound/ US dollar.

After the downward momentum, development of correction has allegedly begun, and this correction has probably took the form of a simple Zigzag.

The wave (a) of the correctional model proved to be much longer than the wave (c).

Impulse in the form of the wave [ i] of a downward impulse movement has probably followed it.

Now perhaps the emerging correctional wave [ii] can lead to a slight strengthening of the British currency, but in the future we will have a powerful and long impulse decline caused by he weakening of the pound.

In case of breaking the critical level, indicated by the horizontal line, the scenario will be canceled.

 It is possible that the correctional wave [ii].

Vasiliy Lukin
FreshForex Analyst
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