FX.co ★ GBP/USD wave analysis for June 10, 2011

In general, as expected, during yesterday’s trading the GBP/USD pair resumed downside movement after testing the 1.6460 level. At the same time, wave structure of the b wave in the estimated 2nd (or b) obtained a shape of a diagonal triangle. Therefore, we can assume that current decline of the pound price will develop in the direction of the target correction level 61.8% at the 1.6240 level.