GBP/USD: Wave Analysis and Forecast for 25.03 – 01.04
GBP/USD: Wave analysis and forecast for 25.03 – 01.04: Downtrend has resumed.
Estimated pivot point is at the level of 1.4507.
Our opinion: Sell the pair from correction below the level of 1.4507 with the target of 1.36 – 1.34.
Alternative scenario: Breakout and consolidation of the price above the level of 1.4507 will enable the pair to continue the rise up to the level of 1.47.
Analysis: Presumably, the formation of the upward correction as the fourth wave 4 of the senior level, which took the shape of a zigzag, has completed. Locally it seems that the first one-two wave as an impetus (i) has developed. If this assumption is correct after the completion of the correction the pair may decline to the levels of 1.36 – 1.34. Critical level for this scenario is 1.4507.
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