FX.co ★ Wave analysis of the GBP/USD currency pair for February 05, 2010

Yesterday the price on the GBP/USD currency pair was entirely in line with our expectations, continuing to decline to the target at 1.5685. herewith, the developing decrease is forming its internal wave structure in the 5th wave. You should turn your attention to the fact that the price sharply stopped at the low border of the trend at the end of the day, forming the 5th wave, which may point to the possibility of the stopping down of the current lowering at the mentioned above target level. If it does not happen, then the next downward target will be at 1.5550.

Analyst: Alexander Dneprovskiy.