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British Pound Decline is an Impulse
Written by article default Tuesday, 21 September 2010 18:25
Since the August high, the GBPUSD is probably in a multi month B wave (choppy and unclear). What’s more, the rally from the September low is wave b of B. B waves are notoriously choppy and time consuming so this action makes sense. The 15700 area, which was resistance in August as well as the 61.8% retracement of the prior decline, has served as resistance. The decline from there is an impulse (5 waves). Allowing for strength to 15600, look lower.
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