FX.co ★ GBP/USD wave analysis for March 8, 2011

Despite high volatility, the GBP/USD price has continued to form the 4th wave in the C (or the 3rd). At the same time correction level 50.0% calculated in relation to the 3rd wave dimension in the C (or the 3rd) was observed convincingly. Thus, current situation implies a possibility of the pound to resume growing in the direction of the 64 figure level. Simultaneously, given general market dynamics, the price can decline to the next correction level 61.8% (1.6150).