GBP/USD Wave Analysis/Forecast: 16.03 – 23.03.2018
Mayzus | Mar 19, 2018 04:45AM ET
GBP/USD pair is still likely to grow
Estimated pivot point is at a level of 1.3708.
Main scenario: Long positions will be relevant from corrections above the level of 1.3708 with a target of 1.4280 – 1.4350.
Alternative scenario: Breakout and consolidation below the level of 1.3708 will allow the pair to continue declining to a level of 1.3530.
Analysis: Supposedly, a downward correction in the form of the fourth wave iv of 5 finished developing inside the first (1) wave of senior level within the 4-hour time frame. Apparently, the first wave of junior level (i) of v of 5 is developing locally. If the presumption is correct, the pair may be expected to continue growing to the levels of 1.4280 – 1.4350. The level 1.3708 is critical in this scenario.
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