FX.co ★ Wave analysis of the GBP/USD currency pair for December 17, 2009

The GBP/USD currency pair price is trying to reverse against the US dollar. Certainly, the wave picture would look more visually in case of work out of 61.8% correctional level placed near 1.6155 mentioned before. However, it seems that the fifth wave in 5, has formed as frustum, after that the pound, finally, started to work out divergence of MACD which we mentioned before. Now, the current fallback targets in favor of the British currency are not quite clear and they will depend on other major currency pairs behavior.

Best regards,
analyst: Alexander Dneprovskiy.