FX.co ★ Wave analysis of the GBP/USD currency pair for October 11, 2010

After that the GBP/USD pair tested the level of 1.6000, the price is in the correction stage having formed abc wave structure. At the same time, taking into account the previous wave picture appeared amid shaping of an upside area between September 07 and October 07 it can be assumed that the current correction can take more complicated and extended form. Apart from this, by reference to the first wave dimension and already reached targets there can be suggested a probability of rates rising towards the range of 1,6755 – 1,6760.