11 March 2016, GBP/USD
Weekly pound/US dollar chart is as follows.
After quite strong decrease in 2008, the price turned to the flat, which it is trying to exit from at the moment.
Correction is likely to take the form of a flat market, it indicates that the wave a of b is triple.
At the same time, probably, the price began development of the descending impulse named as 1 2, 1-2, i.e. it is extension, but before the price starts the wave [iii] of iii , we expect a correctional growth, which will look good on shorter time frames.
Thus, in the long term the situation for the pound does not look very good, because in the future we expect drop in addition to the extension.
However, there is a chance that decline would not be so long, the price still has to update Low and then the descending pattern takes the form of the final diagonal triangle
Under the more usual time interval, the situation is in line with our expectations. Wave ii was not so long, buyers were impatient and developed the wave iii.
Thus, further impulse growth is expected boosted by the third pulse wave