FX.co ★ GBP/USD wave analysis for July 15, 2011

During the whole day yesterday the GBP/USD currency pair was moving in a narrow price range along the 1.6120 level. At the same time, the upside section of the trend formed on Tuesday-Wednesday at the moment looks like an incomplete five-wave structure of a more continuous upside correction. In the meantime, such incompleteness still allows to interpret this structure as abc correction, which leaves the resumption of the pound decline possible.