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Ongoing development of the horizontal triangle

14 April 2016, GBP/USD

This pair fully sticks to out plan.

Its drop is active, which is probably caused by development of the wave e of [x] horizontal triangle.

As the below chart shows, it is still far from the bottom, so its decline potential is rather good.

Thus, in the near future we may expect a continued drop within the limits of wave e of [x] targeting the bottom. From this bottom line, a rebound is likely to take place, which will be followed by growth.

But meanwhile talking about growth is too early, we should wait for formation of the final model and for the first signs of a reversal

Vasiliy Lukin
Analyst of «FreshForex» company
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