29.03.2019 11:11 AM
Wave analysis for GBP / USD pair on March 29. The third Brexit vote

Wave counting analysis:

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On March 28, the GBP/USD pair dropped by 115 bp and markets were cheered up. Although it is not clear why yesterday since the important news from the UK just did not arrive. Moreover, tonight the markets will closely follow the third parliamentary vote on the deal with the European Union. The document has not undergone any changes. Thus, the question remains: has the parliament changed its attitude to this agreement after it rejected 8 different alternative options for secession from the European Union? The tool may continue to decline if the vote fails for the third time and the likelihood of this is high then, the country will wait for the "hard" Brexit. So far, the wave picture is processed in accordance with the forecasts.

Purchase targets:

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 the downward wave 3 and the market is finally active again. The news background is still on the side of the dollar, which implies a further decline in the pair. However, the evening vote in parliament may end with the adoption of an agreement by the Prime Minister May, which may cause demand for a pound. I recommend observing the results of voting in the UK Parliament today.

Chin Zhao,
Analytical expert of InstaForex
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