FX.co ★ GBP/USD wave analysis for September 13, 2011

Yesterday during the whole day the GBP/USD currency pair was trading in a narrow price range stuck between the levels 1.5800 and 1.5880. At the same time the price tried to finish the formation of the 5th wave in the estimated 5th of the whole downtrend section initiated August 19. Thus, we might suppose that after observing the target level at the 1.5757 level the spot rate will start a correction movement to the upside to the 61 and 62 figure levels.