British Pound forecast as of 09/15/2009

GBPUSD – No change -  Like last week, Elliott shows that market is in the process of  “Zig-Zag” (ZZ) 2^nd wave in the range of 1.5059 – 1.6298 between September 11^th and December 30^th .

Market move above 1.70 makes it more likely that ZZ 3^rd wave up has started.

Zig-Zag is a three wave pattern, where 1st and 3nd wave is Impulse and the 2nd wave is corrective in nature.