FX.co ★ GBP/USD wave analysis for April 22, 2011

During yesterday’s trading the GBP/USD continued a quite dynamic upside movement and tested the 1.6590 level later in the day. Therefore, the 1st wave in the future 3rd in general looks complete, and the decline indicated by the end of the trading is probably the beginning of the 2nd wave in this estimated 3rd. At the same time, given the current dynamics, the pound price is still able to form the 5th wave, in the 1st (in the 3rd) with a more complex inner structure.