The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.3105.

Main scenario: long positions will be relevant from corrections above the level of 1.3105 with a target of 1.3390 – 1.3626.

Alternative scenario: Breakout and consolidation below the level of 1.3105 will allow the pair to continue declining to the levels of 1.2967 – 1.2901.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing within the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of i of 1 of (3) has been formed and a descending correction finished developing in the form of wave  ii of 1  on the H4 time frame. Apparently, an ascending impetus is forming as the third wave of junior level  iii of 1 on the H1 time frame. If the presumption is correct, the pair may be expected to rise to the levels of 1.3390 – 1.3626. The level 1.3105 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 01/03/2019 – 08/03/2019

The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.

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