GBP/USD: Wave Analysis And Forecast For Feb 22 – March 1, 2019

The GBP/USD pair is under correction, still likely to fall. Estimated pivot point is at a level of 1.3110.

Main scenario: short positions will be relevant from corrections below the level of 1.3110 with a target of 1.2940 – 1.2901.

Alternative scenario: breakout and consolidation above the level of 1.3110 will allow the pair to continue the rise up to the levels of 1.3212 – 1.3390.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of i of 1 of (3) has been formed and a descending correction finished developing in the form of wave ii of 1 on the H4 time frame. On the H1 time-frame, apparently, a counter-trend impetus in the form of wave (i) of iii has been formed and a local correction of junior level (ii) of iii is developing. If the presumption is correct, the pair will continue to drop to the levels of 1.2940 – 1.2901. The level 1.3110 is critical in this scenario.

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