FX.co ★ Wave analysis of GBP/USD for August 11, 2010

Yesterday, the GBP bulls were trying to stop the developing correction during the US news. At the same time, 38.2% correctional level, which is not reached, make us think that the downward movement can be refreshed to the targets around 1.5650 – 1.5640. At the same time, wave c in the supposed wave 4 in 3 (or C) takes more complicated and prolonged form. But if the pound takes over the initiative, the yesterday’s low can be considered as the end of wave 4 in this wave 3 (or C).