Posted on May 18, 2015 09:43
After, the completion of huge impulse wave 5, now it’s expected that sterling will start its corrective ABC pattern. Sterling has started its first impulse wave from price area 1.4600 on 13th April,2015, the fifth wave is too long, so it’s expected that now the corrective waves pattern will be started. Furthermore, yesterday this pair was unable to cross the resistance area 1.5825, this resistance is still valid.
Furthermore, the resistance level 1.5825 is still valid and sterling’s daily candle is in bearish trend.