FX.co ★ Wave analysis of the GBP/USD currency pair for December 2, 2009

Likely, after all the GBP/USD currency pair finished the building of B wave and is trying to form the first waves of a new part of uptrend. The British pound is trying to strengthen a success having marked new waves of 1 and 2 on the graph. At that, possible targets of the displayed 3rd wave are within the range of 1.6705-1.6900. In spite of that, we are not ready to answer the question: “Will the GBP price be able to exceed the high of November 17?” It ought to be noted that currently MACD is allowing the renewal of the GBP growth, while stochastic has entered the overbought zone.

Best regards,
analyst: Alexander Dneprovskiy.