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A continued drop

01 June 2016, GBP/USD

Having grown but failed to update the High, the pair sharply moved downward, starting to confirm bearish scenario. Perhaps at the moment we are witnessing development of the wave 3 of i of the emerging downward momentum. As the below chart shows, the wave 3 is formed in the form of extension, and for the moment it is not fully formed yet, so prior to the correctional wave 4, we expect another bearish impulse wave.

For this reason, I've opened a Sell trade with Stop Loss shifted to breakeven.

Vasiliy Lukin
FreshForex Analyst
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