FX.co ★ The GBP/USD wave analysis for December 22, 2010.

The GBP/USD pair resumed the downside movement of the pound and passed the last Friday’s low, indicating the intention to extend the downward section initiated December 14. In the meantime, if this pair continues to decline, yesterday’s high will be interpreted as the 2nd wave of the future C. If so, yesterday’s ease has probably indicated the beginning of the 3rd wave in this C.