FX.co ★ Wave analysis of the GBP/USD currency pair for October 01, 2010

As supposed, yesterday the price of the GBP/USD having formed the shortened 5th wave in the 5 (or in the 3d) started the down- directed motion, correcting against the upside trend area developing from September 10. After working out the Fibonacci correction level 88,6% which corresponds to 1,5920. The pound has fallen for several hours by more than 2,5 figure. Due to this, taking into account the started lowering dynamics one may consider the probability of quotes drawdown to the level of 1.5550 during the correctional A wave formation.