FX.co ★ GBP/USD wave analysis for September 1, 2011

As expected earlier, during yesterday’s trading the GBP/USD resumed downside movement within the 5th wave of the whole trend downside section initiated August 19. At the same time the inner wave structure of this 5th wave has become quite complicated. In the meantime given the current MACD divergence we have all reasons to suppose that the current downside movement is about to be finished and the price might move to the 1.6400 after the 62 figure level is tested.