FX.co ★ GBP/USD wave analysis for September 12, 2011

During Friday’s trading the GBP/USD pair managed to proceed with the downside movement and tested the 1.5850 level by the end of the day. At the same time the wave situation of the whole downtrend section initiated August 19 still looks as a 5-wave structure with a considerable prolongation in the 5th wave. If so, the 1.5757 level might be a possible target for this trend section.