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GBP/USD: wave analysis on 13.01.2016

A downward trend is strong.

As the result of pair’s fall, all critical levels of an upward scenario were broken. At present, the third wave (3) of a long-term Bearish trend seems to be developing. Locally, an extension in the third wave of the junior level 3 of (3) seems to be forming and if the assumption is correct, the pair continues falling towards 1.4000, 1.3750. Critical for this scenario is the level of 1.4610, a breakout of which would allow the pair to grow to 1.4935.

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