FX.co ★ The GBP/USD wave analysis for December 17, 2010.

Yesterday, after a 2-day’s decline, the GBP/USD price advanced 100 pips from the previous lows. Therefore, given the current wave situation we can assume that this gain of the pound is taking place within the 4th wave of the current downward section developing since December 14 from the level 1.5910. If so, after the formation of the 4th wave is completed, the pair will decline further, presumably, along the line of estimated target level near 1.5465.