Monthly wave analysis for GBP/USD (May, 2007)

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Previous month’s wave counting forecast was pretty accurate. Final chart can be seen in the picture below. For comparison it also shows previous month’s wave counting.



Current wave counting:

GBPUSD wave counting for 2007

1 wave counting scenario:



Wave (B)? should end soon. Confirmation level is at the end of wave (b) of [y] of Y. Critical level is at the end of wave (B)?.

2 wave counting scenario:



Wave (c) of [y] should end above support and resistance levels of 1992-1992. If it is being compared to CHF then it could be expected that USD weakens for 3-5 figures. Critical level is at the end of wave vi of (c).