FX.co ★ GBP/USD wave analysis for March 18, 2011

Yesterday’s GBP/USD growth by almost 200 pips added certain doubts to the continuation of downside movement in the range of the correction initiated in early March. At the same time, given the complicated general situation on the currency markets we cannot deny the possibility of the c wave of this correction to have formed in a shortened shape. Simultaneously, this uncertainty can help the b wave become more complex and prolonged.