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GBP/USD Wave Analysis (September, 02 2009)

Wave analysis

Technical analysis

Fundamental analysis

Complex analysis

   In the network of scenario that suppose (as was in the case of Euro) building of more complex upraising wedge-shaped structure, Pound has worked-off wave coordination of A to C correction, which equal to 76.4%. In principle, price can turn-round any moment. But the proximity of critical level works as magnet in the process of dollar consolidation facing British currency. Therefore it is rather prematurely to speak of long position opening. In addition the inner dimension of C wave allows price to subside till 1.6065. Also, attention attracts on itself - a strong divergence on MACD, which allows possibility for soon u-turn.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst