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    GBP/USD: Wave analysis and forecast for 11.03 – 18.03 on 11.03.2016

    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.

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