GBPUSD 28th May, 2015
Cable unfolded towards the downside as expected. Both targets were reached and exceeded by less than 7 pips.
"Trend is your friend" proves to be of great value. Most traders forget the rest of that famous quote which states "Trend is your friend except at the end where it bends"*; We are yet to witness a bend in this trend and therefore we will keep following the trend.
Today`s main count expects Cable to continue its downtrend while the alternate count expects the completion of wave B blue and that wave C blue has started unfolding towards the upside.
As always we will wait for either count`s confirmation points to be reached to determine the highly probable count.
* Quote from Schwager, Jack D. book "Technical Analysis"
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