FX.co ★ GBP/USD wave analysis for September 2, 2011

Yesterday’s positive sentiment of the currency markets towards the dollar enabled the GBP/USD pair to decline further and reach the 1.6130 level later in the day, and the 5th wave in the 5th became prolonged. In the meantime given the inner wave dimension of the whole downside section of the trend initiated August 19, the upside correction movement might begin either from the high reached yesterday or from the levels near the 60 figure.