FX.co ★ Wave analysis of GBP/USD for July 5, 2010

Having reached the correction level of 76.4% more than once around the 52nd figure, the price of GBP/USD pair is consolidating ahead the assumed market reversal against the pound. Also, it should be noticed that the mark of 1.618 corresponding the ratio between waves A and C is placed around the above-mentioned target level. How deep and long will be such GBP price decline it is hard to say now, but the fact that it is about to happen makes us to be careful with long positions keeping.