Friday, July 15, 2011

GBP/USD Wave Technical Analysis - 15 July 2011



During the whole day yesterday the GBP/USD currency pair was moving in a narrow price range along the 1.6120 level. 

At the same time, the upside section of the trend formed on Tuesday-Wednesday at the moment looks like an incomplete five-wave structure of a more continuous upside correction. 

In the meantime, such incompleteness still allows to interpret this structure as abc correction, which leaves the resumption of the pound decline possible.

Performed by Alexander Dneprovskiy, Analytical expert
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