FX.co ★ GBP/USD wave analysis for June 7, 2011

Quite expectedly, at opening trades this week GBP/USD pair started declining, allegedly within c wave (in the 2nd) or b wave. Therefore, we might suppose that the target of this downside movement will be 61.8% correction level which corresponds to 1.6240. At the same time, there is a possibility of b wave (in the 2nd) becoming more complex and prolonged.