ew-forecast
Long

UPDATE #2: GBPUSD Making a Three Wave Rally

FX:GBPUSD   British Pound/U.S. Dollar
476 0 1
GBPUSD             is in sharp uptrend for the past two days, which was expected from a technical point of view after five waves down in red wave 5) of (3) followed by a broken trend-line. Well, current rally has an impulsive structure which means that leg is part of a larger recovery which will probably prove corrective as we are tracking a blue wave (4) pull-back. Anyhow, even if recovery will be corrective, we still need three waves up, labeled as A-B-C zig-zag formation, because we know that corrections are always structured minimum by three legs. Therefore, be aware of more upside after wave B pull-back, while market is trading above 1.4830 low. If we are correct, then pair could retrace even up to 1.5300. More Updates on GBPUSD             www.ew-forecast.com
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