Posted on May 25, 2015 08:58
Sterling prices ticked down on last Friday, placed Low 1.5460. This pair is moving in corrective waves, as we mentioned earlier in our analysis.
Presumably, the “bullish” impetus has completed in the wave 5th. At the moment the “bearish” correction has began in the wave A. Locally, it seems that in correction waves, A and B has completed because B is the 61.8% retracement of corrective wave A and A is the 50% Retracement of Impulse wave 5. After the completions of corrective waves A and B now it’s a turn to wave C. if this assumption is correct, then it can target 1.5315.