GBP/USD: Wave analysis and forecast for 11.03 – 18.03: The pair is undergoing correction. The rise in the pair is possible.
Estimated pivot point is at the level of 1.4115.
Our opinion: Sell the pair from correction above the level of 1.4115 with the targets of 1.45 – 1.4690.
Alternative scenario:
Breakout and consolidation of the price below the level of 1.4115 will
enable the pair to continue decline to the level of 1.3835.
Analysis:
Presumably, the formation of the downward impetus has completed in the
third wave 3 of the senior level. At the moment it seems that upward
correction is being developed as the fourth wave, within which a zigzag
abc is being developed. If this assumption is correct, the pair will
continue to rise up to 1.45 – 1.46.
The analytical materials are provided by
Aleksander Geuta,
a trader and analyst of LiteForex
