GBP/USD: Wave analysis and forecast for 26.02 – 04.03: Downtrend continues.
Estimated pivot point is at the level of 1.4213.
Our opinion: Sell the pair from correction below the level of 1.4213 with the targets of 1.3750 – 1.34.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4213 will enable the pair to continue the rise to the levels of 1.4250 – 1.4350.
Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level. At the moment it seems that the fifth wave of the junior is being developed. Within this wave extension of the momentum in the third wave (iii) is being formed. If this assumption is correct, the pair will continue to decline to 1.3950 – 1.3850.