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26.03.201910:16 Forex Analysis & Reviews: Wave analysis of GBP / USD for March 26. Suspended state by Brexit

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 26.03.2019 analysis

Wave counting analysis:

On March 25, the GBP / USD pair fell by 15 bps. Based on the current version of the wave marking, it is supposed to build a downward wave 3 in the composition of the downward trend section with targets located below the 29th figure. However, the news background remains the factor that is able to turn upside down in any trends of the market and the wave pattern. Yesterday, it became known that on March 27, the British Parliament will hold a series of votes on all possible scenarios of Brexit at once, hoping that one of them will be adopted. Such a decision was taken by the parliament, despite the opinion of Prime Minister Theresa May, to which there is less and less trust in the country. Thus, tomorrow we can witness new "high-profile" events that will undoubtedly cause active trading on the market.

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 level of 1.3454, however, I recommend returning to this option only in case of a successful attempt to break through the level of 100.0%. A more likely development of events is now the construction of a downward wave with targets below 29 figures, thus, I recommend sales in small volumes. I also recommend not to lose sight of what is happening in the UK, especially the vote tomorrow.

Chin Zhao
Analytical expert of InstaForex
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