FX.co ★ GBP/USD wave analysis for May 19, 2011

Even good data on unemployment did not manage to prevent the GBP/USD from another downfall. As a result, the price declined by almost 1.5 figures and closely approached the 61 figure level. At the same the inner wave system of the correction structure formed during the first two days of this week does not look quite convincing. In the meantime, we cannot eliminate the possibility of yesterday’s downside movement to be resumed and form a more complex 3rd wave (or C).