FX.co ★ GBP/USD wave analysis for April 5, 2011

Yesterday’s two attempts to overcome the 1.6170 level failed; as a result the GBP/USD pair started to trade in a narrow price range. It is worth pointing out that local upside section initiated March 28, now has characteristics of a complete 5-wave structure. At the same time, given the MACD divergence, the price might continue yesterday’s decline in the direction of the 60 figure level.