Wednesday, August 17, 2011

GBP/USD Wave Technical Analysis - August 17, 2011






Yesterday after a certain decline in early trading the GBP/USD currency pair resumed upside movement and tested the 1.6470 level by the end of the day. 

At the same time more complex wave situation of the current upside section can be considered as a 5-wave structure of the estimated 1st wave (or a) with extension in its 3rd wave. 

If so, the pound might correct from the high reached yesterday to the level of the 63 figure.

Performed by Alexander Dneprovskiy, Analytical expert

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