Posted on May 15, 2015 09:15
Great British Pound showed strong bullish sentiments since last two weeks, the strongest bullish weeks since December 2014. Sterling started its bearish journey on 1st July, 2014 when it placed high 1.7191 then it placed low 1.4586 on.
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.
We are looking a correction at this level and expecting bearish reversal here. But on breakage of 1.5825, the bullish continuation is expected.