FX.co ★ GBP/USD wave analysis for March 11, 2011

Decline of the GBP/USD price by 150 pips and test of the 1.6050 level force us to correct the wave dimension on the section of the uptrend between February 11 and March 2, which supposes the completion of the C wave (or 3rd). or the 1st wave in this C (or 3rd). If so, at the moment the wave structure of a more continuous and deepr correction in relation to this uptrend section is being formed.