01.03.201909:46 Forex Analysis & Reviews: Wave analysis of GBP / USD for March 1. Pound has exhausted growth potential

Long-term review

This information is provided to retail and professional clients as part of marketing communication. It does not contain and should not be construed as containing investment advice or investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance. Instant Trading EU Ltd. makes no representation and assumes no liability as to the accuracy or completeness of the information provided, or any loss arising from any investment based on analysis, forecast or other information provided by an employee of the Company or otherwise. Full disclaimer is available here.

Wave counting analysis:

On February 28, the GBP / USD pair lost about 45 bp and made an unsuccessful attempt to break through the level of 127.2% Fibonacci. Therefore, there are now reasons for assuming the completion of the construction of the entire ascending wave and the entire upward trend section, which took a quite non-standard form. If this is true, as part of building a new downward set of waves. Just like before, the news background is not on the side of the pound sterling. Thus, reducing the pair is a very likely option.

Shopping goals:

1.3333 - 127.2% Fibonacci

1.3489 - 161.8% Fibonacci

Sales targets:

1.2734 - 61.8% Fibonacci

1.2619 - 76.4% Fibonacci

General conclusions and trading recommendations:

The wave pattern still assumes the completion of the construction of the ascending wave and the transition to the construction of a downward set of waves. . An unsuccessful attempt to break through the level of 127.2% is a strong signal. Hence, small sales are now expedient with a protective order above 1.3340.

Back to the list

Open trading account

InstaForex analytical reviews will make you fully aware of market trends! Being an InstaForex client, you are provided with a large number of free services for efficient trading.