A continued drop | 01 Juni 2016
01 Juni 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.
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
