GBP/USD Wave analysis and forecast for 07.03 – 14.03

GBP/USD Wave analysis and forecast for 07.03 – 14.03: The pair is likely to decline. Estimated pivot point is at the level of 1.6821.

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Our opinion: Sell the pair from correction below the level of 1.6821 with the target of 1.65 – 1.63.
Alternative scenario: Breakout of the level 1.6821 will enable the pair to continue growth to the levels of 1.69 – 1.70.
Analysis: Presumably, the formation of the large ascending impetus in the first wave has completed. Locally, it is not excluded that the first in-lead wave of the large downward correction is being formed. If this assumption is true, the pair will continue to decline to the level of 1.65. This scenario will be confirmed after breakdown of the level of 1.6247.

GBPUSDD1 GBPUSDH4

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GBP/USD intraday: intraday support around 1.5050

GBPUSD201352417591Pivot: 1.505

Our preference: Long positions above 1.505 with targets @ 1.5155 & 1.522 in extension.

Alternative scenario: Below 1.505 look for further downside with 1.501 & 1.4955 as targets.

Comment: the pair has rebounded on its new support and remains on the upside. Continue reading