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18.03.2019 10:31 AM
Wave analysis of GBP / USD for March 18. Theresa May continues negotiations with the parties, seeking support for the Brexit agreement.

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Wave counting analysis:

On March 15, the GBP / USD pair gained about 30 bp. It remains unclear whether the tool completed the construction of a wave c in Y or does this wave get a more elongated look? Again, the news background is of great importance, which, at first glance, is not so much in favor of the pound. Nevertheless, the Brexit's "tough" scenario is not yet foreseen, which instills optimism in the market. Teresa May is waiting for a response from the European Union to postpone Brexit by several months, while at the same time trying to negotiate with her party and the opposition parties to support her agreement to secede from the European Union. A successful attempt to break through the 100.0% Fibonacci level will indicate the readiness of the instrument to continue the increase.

Purchase goals:

1.3350 - 100.0% Fibonacci

1.3454 - 127.2% Fibonacci

Sales targets:

1.2961 - 0.0% Fibonacci

General conclusions and trading recommendations:

The wave pattern assumes the construction of an upward wave with targets located near the estimated marks of 1.3350 and 1.3454, which corresponds to 100.0% and 127.2% of Fibonacci. However, the probability remains that the upward wave is completed. I still recommend carefully following any news regarding Brexit, since they can significantly affect the movement of the pair.

Chin Zhao,
Analytical expert of InstaForex
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