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07.03.2019 09:46 AM
Wave analysis of GBP / USD for March 7. Pound sterling is waiting for the decision of Parliament

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Wave counting analysis:

On March 6, the GBP / USD pair fell by 10 bp, which does not give grounds to supplement the current wave counting. Thus, the uptrend is still considered complete. If this is true, the decline in quotations will continue. There is no news background now, as there is no new information on Brexit. There is no breakthrough in negotiations or even reason to expect a favorable outcome. It remains only to wait on March 12, upon the start of voting on Brexit scenarios in the British Parliament. After that, there will be at least a little clarity about what to expect in the coming months.

Shopping goals:

1.3348 - 0.0% Fibonacci

Sales targets:

1.001 - 38.2% Fibonacci

1.2891 - 50.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern still assumes the construction of a downward set of waves. Therefore, sales are now expedient with targets at 1.00100 and 1.2891, which equates to 38.2% and 50.0% Fibonacci and a protective order above 1.3340. Larger sales are recommended when receiving negative news from the UK.

Chin Zhao,
Analytical expert of InstaForex
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