GBP/USD: Wave analysis and forecast for 04.03 – 11.03: Downtrend continues.
Estimated pivot point is at the level of 1.4578.
Our opinion: Sell the pair from correction below the level of 1.4578 with the targets of 1.3650.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4578 will enable the pair to continue the rise to the level of 1.50.
Analysis: Presumably, “bearish” impetus continues to develop in the third wave of the senior level 3. At the moment it seems that the third wave (iii) of v of 3 has completed and correction as the fourth wave (iv) is developing. If this assumption is correct, after the completion of the correction, the pair will continue to decline to 1.3650.