Wave Analysis 17.03.2015 (GBP/USD)

FXTM Online Analysis Department.

GBP USD, “Great Britain Pound vs US Dollar”

Pound is still forming a large descending impulse 5 of (1), which lacks one more five-wave descending structure inside it. In the near term, the pair is expected to continue falling and reach a new local low.

Most likely, the market has finished wave [iv] of 5 of (1) in the form of zigzag. In the nearest suture, the price is expected to continue moving downwards inside a descending channel.