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22.03.201910:07 Forex Analysis & Reviews: Wave analysis of GBP / USD for March 22. The situation around Brexit gets confusing more and more.

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.

Exchange Rates 22.03.2019 analysis

Wave counting analysis:

On March 21, the GBP / USD pair fell by 80 basis points (bp). This is the general reaction to the meetings of the Fed and the Bank of England, as well as to the agreed transfer of Brexit from March 29 to May 22. The wave pattern due to the mass of events, mainly around Brexit, is confusing, but it can get an even more complex as it looks. Since, as before, no one knows how the three-year epic will end with the release of Great Britain from the jurisdiction of Brussels. After all, everything still depends on the British Parliament, which must accept agreements with the EU, which it has already blocked twice. Thus, now, I recommend caution first.

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 allows for 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 current wave counting is very confusing because of the ambiguous news background. As long as there is no clarity on the Brexit issue, the tool can continue to build ambiguous wave structures.

Chin Zhao
Analytical expert of InstaForex
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