FX.co ★ GBP/USD wave analysis for May 24, 2011

Following the euro, during yesterday’s trading the GBP/USD resumed the downside movement and passed the 61 figure level by the end of the day. At the same time, current wave situation allows further decline of the price in the direction of the 1.6000 level. As a result od such dynamic decline, the wave situation formed May 13-20 looks like a complicated inner wave structure of the B wave of the whole downtrend developing since early May.