Correctional wave is expected to be formed | 24 August 2015

Since the situation on the hourly and 4-hour chart is confusing and unclear, I would like to check the daily chart of the pair pound/ US dollar.

After the downward momentum, development of correction has allegedly begun, and this correction has probably took the form of a simple Zigzag.

The wave (a) of the correctional model proved to be much longer than the wave (c).

Impulse in the form of the wave [ i] of a downward impulse movement has probably followed it.

Now perhaps the emerging correctional wave [ii] can lead to a slight strengthening of the British currency, but in the future we will have a powerful and long impulse decline caused by he weakening of the pound.

In case of breaking the critical level, indicated by the horizontal line, the scenario will be canceled.