Please Note: Blog posts are not selected, edited or screened by Seeking Alpha editors.

GBPUSD: Corrective Rally From March Low Could Now Extend To 1.5500/1.5600

GBPUSD finally broke higher yesterday after recent unsuccessful push through the lower support line connected from early March lows. Notice that pair closed well above 1.5407 trend-line yesterday which sets a stage for a new impulsive rally, now towards 1.5500/1.5600 area. This leg represents wave C), final sub-wave of a second zig-zag in wave II, so we must be aware of a bearish price action, most-likely next week.

For more analysis visit us at

Absolutely FREE 7-day Trial Is Available to New Members!