FX.co ★ GBP/USD wave analysis for January 18, 2011

The GBP/USD currency pair has finally reached the estimated target level 1.5920. At the same time, the whole wave structure of the local uptrend is quite complex and it allows that the quotes continue growth in the range of the estimated 3 wave (b, с or 3rd). On the other hand, based on wave counting, the pound price might start decreasing from yesterday’s high (1.5955) up to the 57 figure level.