GBP/USD, Annual Wave Analysis 2009
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In order to preserve consistency in consideration of possible scenarios of the price movement the numeration of possible variants remains the same.
Figure G1. Wave counting on the monthly chart. Variant 1.
The most probable scenario from my point of view remains the variant with the global double/triple three and wave [X] of x in the form of a large expanding triangle, which is completing at present.
Possible but not the only variants of the completion of this triangle [X] of x are shown in  the following two Figures.
Figure G1. Wave counting on the weekly chart. Variant 1-1.
Figure G3. Wave counting on the weekly chart. Variant 1-2.
The choice of one of the given scenarios will depend on what wave patter the price decline will complete from the mark 2.0 — in the form of a zigzag (variant 1-1) or in the form of an impulse (variant 1-2).
Figure G4. Wave counting on the monthly chart. Variant 2.
But taking into consideration the precipitation of the pound during 2008, variant 2 considered earlier is quite real.
The given scenarios though  are not the only ones, single out the main directions of the supposed price movement. As the wave structure of this correction will develop the number of its possible variants will decrease that will allow  to make the global scenarios more precise and to project possible targets in the monthly forecasts during the current year .
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