The chart shows my longer term count for GBP/USD. I assume the rise started from 1.3503 as a flat correction which has probably finished yesterday at 1.5065. Wave C of this correction developed as a terminal impulse (ending diagonal) and if this is the case we should see a sharp sell off for a low below 1.3503 in coming month and a half. A fall below 1.4600 (the low of the potential wave 4 of C) will be a confirmation for my idea. A key resistance is 1.5000. With an eye on these extremely bearish expectations I entered a short position yesterday.

Trading strategy: 05:14 EST; 10:14 GMT

Short position from 1.4878, stop loss - 1.5000, target - open

This analysis has only informational and educational purpose and does not represent a proposal for buying or selling currency contracts