FX.co ★ GBP/USD wave analysis for January 28, 2011

The GBP/USD currency pair missed a few pips to reach the 1.6000, initiated a rollback and declined by almost a figure. However, in the current upside section the pound has a real chance to test early highs near 1.6055 and reach 1.6060, having formed a five-wave uptrend structure, developing since December 28. At the same time, the price still has potential to form a more complex inner wave structur of the 4th wave by declining to targets near 1.5700.