FX.co ★ The GBP/USD wave analysis for January 3, 2011

High volatility during the last trading day of the year allowed the GBP/USD pair to advance by more than two figures. Current situation implies that the December 28 low (1.5345) is completing the downward section having developed since December 14. This, in its turn, might denote formation of the C wave of November-December downward correction. If so, we can suppose that the pound will advance further in the direction of the 1.5800-1.5820 levels.