FX.co ★ Wave Analysis of GBP/USD for September 1, 2010

The recently appeared decrease of the GBP_USD pair rates continued yesterday, and the pound declined to the next correctional level of 76,4%. Though, the price is likely to be forming a structure of the 5th wave in the assumed 3rd (or C). It should be also mentioned that in spite of the stop in falling near 1.5330, the entire 5th wave at the moment does not look complete. Taking the stated above into consideration the descend of the currency pair into the direction of the nearest possible target around the level of 1.5200, or slightly below can be awaited.