On a Pound I continue to consider an opportunity of picture appearance, which will allow to view all trend after minimums 08.06.09 as five-wave structure inside of fifth wave of UP-trend, which takes its beginning already on March, 11. Probably, right now we can observe correction before finishing stage of pair growth on a pair GBP/USD.

As before, enter into market quite risky. Indicators keep silence. And though price position relative to work levels allows the move down, we must remind ourselves a possibility for probable finishing spurt of price in favor of Pound, in the limit of suggested 5th wave. In case of August 17th minimum will not be overcome, it is logical to expect forming of finishing five-wave structure.

Analysis prepared by:

Maxim Dmitrievsky
Forex4you analyst