29.08.201112:33 Forex Analysis & Reviews: GBP/USD Wave Analysis for August 29, 2011

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

On the last trading day of the week GBP/USD tested the level 1.6250, after that it started an expected retrace from the correction level of 76.4%. So by this decline to 1.6230 the pound has made complicated the inner wave structure of the assumed 3rd wave (or c) which allows another attempt to test the correction level 76.4% (1.6225). At the same time the gained in the second half of Friday session dynamics of the pound price may facilitate its advance to the mark of the 66th figure (the local high of August 19).

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.