FX.co ★ GBP/USD wave analysis for February 2, 2011

The fact that the GBP/USD advanced above the reached high at 1.6055 proved the development of the uptrend, initiated December 28, as a full 5-wave structure. At the same time we should notice the nearness of the estimated target level, which is also 1.618 Fibo level, according to the 1st wave of this uptrend. It is quite difficult to define if a prolongation will be formed in its 5th wave, but a rebound from the 1.6180 is quite possible.