GBP/USD Currency Pair

Lets look at the GBP/USD currency pair. The price has been declining since reaching the peak of 2.10 in Nov 2007. The price came down to 1.3792 in Jan 2009 and thereafter the corrective action has began.

GBP/USD Daily

My primary count on the hourly chart is shown below.

After completing a Flat in the first week of March 2009, the next pattern is another Flat (double Flat). On 4-22-09, the next impulse move has begun and we are now in v of wave 1 up.

GBP/USD Primary Count

The alternate count in my opinion is shown below. It is a Flat, Zigzag and Zigzag correction. We are now in v of c of the last Zigzag.

GBP/USD Alternate Count