FX.co ★ Wave analysis of GBP/USD for July 1, 2010

Yesterday, the GBP/USD price has started to work out already mentioned for several times MACD divergence. At the same time, the whole local upward mini-trend formed after June 22 at present moment looks like the group of abc waves. Apart from it, the unreached calculated correctional level of 76.4% attracts attention that can speak in favor of the current C wave incompleteness and can suggest a probability of the pound reaching the mark of the 52nd figure after the started yesterday decline. On the other hand, if the price forms truncation in the 5th wave (in C), the price of the pound can renew dynamic downward trend in the direction of new lows.