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We still expect bullish momentum

03 February 2016, GBP/USD

After starting moving up and having updated the local High, the Pound was immediately besieged.

Growth seized, correction has started. Based on the nature of the British currency, we know it can develop a sharp impulse growth within the wave iii as well as a sharp decline.

In the meantime, the considered scenario implies an upward movement caused by formation of the wave iii of upward impulse.

Therefore, in this situation, I would recommend a Buy trade with a Stop set at local Low 1.4313

We still expect bullish momentum

Vasiliy Lukin
FreshForex Analyst
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