GBP/USD: Wave Analysis And Forecast For March 29, April 5 2019

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of 1.2786.Main scenario: long positions will be relevant from corrections above the level of 1.2786 with a target of 1.3429 – 1.3626. Alternative scenario: Breakout and consolidation below the level of 1.2786 will allow the pair to continue declining to the levels of 1.2398 – 1.2169. 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 1 of (3) is forming in the form of a wedge on the H4 time frame. Apparently, a local correction in the form of the fourth wave of junior level iv of 1 is forming on the 1H time frame, with the wave (c) of iv developing inside. If the presumption is correct, after correction, the pair will continue to rise to the levels of 1.3429 – 1.3626. The level 1.2786 is critical in this scenario.

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