The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2776.

Main scenario: long positions will be relevant from corrections above the level of 1.2776 with a target of 1.3390 – 1.3626.

Alternative scenario: Breakout and consolidation below the level of 1.2776 will allow the pair to continue declining to the levels of 1.2398 – 1.2200.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on 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, the third wave of junior level  iii of 1 started developing on the H1 time frame, with a local correction forming inside as the wave (ii) of iii.   If the presumption is correct, the pair will logically resume dropping to the  levels 1.3390 – 1.3626. The level 1.2776 is critical in this scenario.

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Price chart of GBPUSD in real time mode

GBP/USD: Wave analysis and forecast for 08/03/2019 – 15/03/2019

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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