Wave analysis of the GBP/USD currency pair for January 22, 2010

Decreasing by the figure and a half at the first part of the day, then the GBP/USD pair slowed down its descendant movement, then it started to attempt to pullback in favor of the British currency. In case, these attempts appear to be successful, then the 1st wave or “a” of the current descendant trend may be considered to be finished. At the same time, there is the fact that the decline target, probably, are levels, located in the channel from 1.6080 to 1.6070. Due to this, it can be supposed that the closing part of the current pound rate decline may get more composite species.

Best regards,

Analyst: A. Dneprovskiy.