FX.co ★ GBP/USD wave analysis for March 15, 2011

Yesterday the GBP/USD currency pair continued to advance in favour of the British currency and stopped near the 1.6190 level later in the day. At the same time, the wave structure formed as a result of this growth at the moment looks like correction waves abc (in the b) of a more continuous downside correction. If so, the decline of the price might resume approximately from the 1.6200 – 1.6210, probably, in the direction of the 1.5850 level.