Wave analysis of the GBP/USD pair for May 11, 2010

The GBP_USD pair price dynamically enough pulled back from Friday low, moreover, only during yesterday it grew by 2.5 figures. This uprise resulted in hitting of the Fibonacci level 61.8% by the pound. Though, an actively developing price uptrend is still difficult to be identified as a whole 4th wave (in the 5th), in this connection, the variant of the wave construction of this 4th wave is not excluded. On the other hand, the appearing new channel of the downfalling trend allows the soon continuation of the pound quotes decline.