FX.co ★ GBP/USD wave analysis for July 25, 2011

During the last day of the previous week the GBP/USD was trading in a narrow price channel along the 63 figure level. At the same time, given the current wave situation we can suppose that the price is forming its 4th wave, in the 3rd, in the estimated 3rd (or c). In the meantime, strong MACD divergence supports the possible beginning of a continuous downside correction.