GBP/USD: Wave analysis and forecast for 18.03 – 25.03: Correction is nearing completion.
Estimated pivot point is at the level of 1.4115.
Our opinion: In the short-term: buy the pair above the level of 1.4218 with the target of 1.4690. In the medium-term: wait for the completion of the impetus and sell below the level of 1.47 with the target of 1.40 – 1.34.
Alternative scenario: Breakout and consolidation of the price below the level of 1.4218 will enable the pair to continue decline to the level of 1.34.
Analysis: Presumably, the formation of the upward correction as the fourth wave 4 of the senior level is nearing completion. It is assumed that a zigzag with the irregular plane has been formed in the wave b of 4. Locally, it seems that the wave с of 4 is being formed, within which the impetus is being developed. If this assumption is correct, in the short-term the pair can first rise to 1.4690, and then reverse and decline in the fifth wave of senior level. Critical level for this scenario is 1.4218.