GBP/USD Wave analysis and forecast of 13.03 – 20.03

GBP/USD Wave analysis and forecast of 13.03 – 20.03: Downtrend continues.

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Estimated pivot point is at a level of 1.4905.

Our opinion: In the short term: buy the pair with the target at 1.52 in case the level 1.4905 is broken. In the medium term: keep short positions with a target at 1.46 – 1.45.

Alternative scenario: Consolidation above a level of 1.5150 will allow the pair to continue the rise up to the level of 1.52 as part of correction.

Analysis: The pair continued to decline.
The critical level has been broken down and, apparently, a long-term bearish impetus carries on forming. Supposedly, the fifth final wave, within which the first wave (i) is nearing completion, is forming at the present time. If the assumption is correct, local correction in a form of wave (ii) is likely to develop to a level of 1.52. The level of 1.5560 at which the fourth wave iv finishes is critical in this scenario.

GBPUSD-D1

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GBPUSD-H1

GBPUSD-H4

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