FX.co ★ GBP/USD wave analysis for February 25, 2011

The GBP/USD rate could not continue the upside movement and declined by 1.5 figures by the end of the day. At the same time this decline might be considered as movement in the range of the c wave of the correction structure formed after February 18 in the direction of the 62 figure. If so, at the moment the pound is still moving in the range of the visible horizontal corridor, where it has been trapped since early February.