FX.co ★ Wave analysis of the GBP/USD currency pair for December 9, 2009

The price of the GBP/USD currency pair is continuing to fall. Perhaps, 3 wave, having completed with five waves, can denote its ending after that the pound will start correctional fallback. It is possible that yesterday’s reaching of 1.6270 level (the lowest level since November 27) moved away an opportunity of quick refresh of the British currency for indefinite periods. It may occur that the price wants to form next package of abc waves within limits of the downward trend. At the same time, MACD specified the divergence that can testify an approaching correctional move back.

Best regards,
analyst: Alexander Dneprovskiy.