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The price began development of the wave iv

04 May 2016, GBP/USD

As well as the euro, Pound made the last effort to update High and dramatically resigned, which led to an abrupt decline.

Probably, the wave 5 of iii has been completed, in addition, it adopted the final form, which appears to be a diagonal triangle. The minimum goal to give the triangle its current size - was fulfilled.

The price fell by exactly the same distance it took to form the final diagonal figure. Now, it remains unclear whether the decline will continue either the pair will start to grow within the frames of the wave iv of the upward momentum.

So, I have shifted a breakeven Stop Loss as close as possible to the price, but some space for a corrective growth was left

The price began development of the wave iv

Vasiliy Lukin
FreshForex Analyst
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