FX.co ★ GBP/USD wave analysis for February 23, 2011

The GBP/USD currency pair could not continue the upside movementin the range of the estimated 5th wave (in the 5th) and declined by 130 pips by the end of the day. At the same time, in the range of such downside section a five-wave structure has formed, which can be considered as the a wave (or the 1st) of the future more prolonged downtrend. If so, after a slight move to the upside the pound might continue declining in the directiom of the 59 figure levels.