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Third impulse wave is coming

25 May 2016, GBP/USD

I believe that the recent growth was caused by the wave 2 of the emerging downward momentum. A too strong buying activity is noted though. But local High has not been updated, so, in the near future we expect resumption of decline.

In addition, if the considered wave scenario is true, the price will drop within the frames of extension in the wave [iii] and thus, I expect a very good movement. For this reason, I've opened another Sell trade with Stop Loss at a local High.

Vasiliy Lukin
FreshForex Analyst
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