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Emergence of long-term ascending impulse wave

28 September 2015, GBP/USD

The pound in contrast to the euro was not able to stay on the level of support formed by a local Low.

However, we assume that puncture-down has been made with some motive.

Correction, in fact, has continued and sharp decline was formed in consequence to formation of its final wave, [y] of (ii).

Thus, the assumed wave (ii) took the form not of a simple Zigzag, but of a double Zigzag.

In the future we expect beginning of growth of the pair due to formation of the wave (iii) of the ascending impulse, but so far there are no signs of beginning of growth, therefore, it is necessary to observe the situation.

Vasiliy Lukin
Analyst of «FreshForex» company
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