FX.co ★ Wave analysis of the GBP/USD currency pair for January 29, 2010

The GBP/USD currency pair is continuing to mark time that makes possible to consider any probable variants of its further movement. On one of these variants, it can be assumed that yesterday the pair almost finished the fourth wave formation at the part of the downward trend. At the same time, the wave c consists of strongly marked 5 waves. According to this, it is possible to suppose that the pound can move down further to the estimation level of 1.5925, forming the fifth wave of the current part of the trend.

analyst: A. Dneprovskiy