FX.co ★ The GBP/USD wave analysis for January 6, 2011

During the previous day the GBP/USD pair has declined by 1.5 figures and stopped above the upper limit of the downward channel. Current wave situation is complicated by the fact that there are multiple options for future movement direction. At the same time, downside trend of the pound is likely to resume. If so, after December 31 the pair will probably form waves 1 and 2 of a new future downtrend in favor of the dollar.