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Gbp/Usd: Downtrend In Progress


May 12 2011

Pound has formed an impulsive fall from 1.6517 region in past few sessions, where a previous three-wave bounce from 1.6270 has likely completed. We know that only corrective waves are structured by three legs, and since prices already moved below previous wave (b) support we are quite confident that this pair is headed much lower.

There is a very importnat trend line connected from start of the year, so a break here and a daily close below it will likely put even more aggressive bears into action! In such case we would not be surprised if levels around 1.600 psychological region will be achieved, which is definitely possible if risky assets (commodities stocks) will continue to fall.

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