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12.03.2019 12:43 PM
Wave analysis of GBP / USD pair on March 12. Justified expectations or complete disappointment on Brexit?

Wave counting analysis:

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On March 11, the GBP/USD pair rose by 210 bp, thus preparing to vote in parliament for the Brexit agreement, which will be held today. I can conclude that the markets are set positively for the evening vote but this does not mean that the parliament will approve Theresa May's initiatives today. A very likely option is with the failure of the vote and the postponement of Brexit to a later date. The UK will have to pay the European Union for this transfer with such lengthy transfers, like the Brexit hard scenario, which is not what the UK needs. In general, we are waiting for the evening and see how the first vote will end, which can cause again strong movements in the instrument analyzed.

Purchase targets:

1.3348 - 0.0% Fibonacci

Sales targets:

1.2891 - 50.0% Fibonacci (senior Fibonacci grid)

1.2784 - 61.8% Fibonacci (senior Fibonacci grid)

General conclusions and trading recommendations:

The wave pattern still assumes the construction of a downward set of waves and yesterday's rise interpreted with the 2nd wave as part of this set. Therefore, sales are now expedient with targets of 1.2891 and 1.2784, which equates to 50.0% and 61.8% Fibonacci. I recommend placing a protective order above the maximum of wave e, which is very convenient in current conditions. Evening voting may result in strong movements that may lead to the need for clarifying the wave marking.

Chin Zhao,
Analytical expert of InstaForex
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