FX.co ★ GBP/USD wave analysis for April 29, 2011

In general, as expected, test of the 1.6700 resulted in a rebound of the GBP/USD from the high reached earlier by more than a figure. Therefore, we can suppose that at the moment the 4th wave in the 3rd, in the 3rd, 5th (in the 3rd or C) is being formed. If so, in the nearest future the pound will resume upside movement in the direction of the first estimated target level located near the 68 figure level.