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Expectations of drop are still here

14 June 2016, GBP/USD

Ongoing development of the descending impulse. We assume that now extension in the wave iii is being formed.

This extension may have been completed the development of wave 3 and the pair is now going through correction within 4 wave of iii. In general, there is a good potential for a deeper drop. After completion of the correction, we expect rapid drop to continue. The key to a strong movement factor is a referendum about whether the UK remains in the EU, so it is quite possible that we will see a very strong price action.

Vasiliy Lukin
FreshForex Analyst
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