Main Count

GBPUSD Main Count: This pair has finished blue wave 2 @1.5690 in simple zig zag correction and now we are in blue wave 3 that will decline towards 1.50 area.  Traders can open sell order here with stop just above 1.5690 giving us a good risk reward ratio but on the other side this trade is little bit risky if blue wave 2 is not finished yet and extending.

In later case we will consider alternative scenario in which it is forming red wave c in blue wave 2 and it is matter of time when this correction in blue wave 2 finish and new impulsive decline start towards 1.50 area. Medium and long term traders can sell half trader here at market and half position near 1.5780 in both case stop will be 1.5930.

Alternative Count