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The pair seem to start to develop a descending impulse

06 May 2016, GBP/USD

We assumed that the price had alreade developed the rising impulse in the form of the wave [c] of zigzag.

It is also proved by the final diagonal triangle and the subsequent rapid decline as well as reluctance of the British currency to play this movement back. Probably now it is a correction and the price is ready to continue the downward movement.

We can not exclude that it is a downward impulse decline. If this assumption is correct, we can risk on retest of local Low and open a Sell trade, which at the earliest opportunity shall be immediately transferred into the black.

In this case, we may try to take an advantage of the third impulse wave.

Vasiliy Lukin
FreshForex Analyst
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