FX.co ★ GBP/USD wave analysis for March 23, 2011

Yesterday the GBP/USD currency pair continued to advance in favour of the British currency and tested the 64 figure level early in the day. Thus, the price is likely to form a complex wave structure of the 3rd wave, in the 5th, of the whole uptrend initiated in late December. At the same time, the fact that the estimated target level 1.6370is passed and incomplete wave situation allow a possibility of growth in the range of this 3rd wave to the next target level 1.6440.