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

In spite of the recent dynamic decline of the price, yesterday the GBP/USD currency pair did not manage to develop a downside movement and by the end of the day reached Wednesday’s highs near the 1.3180 level. At the same time, the pound has another opportunity to overcome the February 3 high 1.6275 and form a quite complicated wave structure of the 4th wave of the whole uptrend initiated December 28.