14.03.201912:23 Forex Analysis & Reviews: Wave analysis of GBP/USD for March 14

Wave analysis:

On March 13, the GBP/USD pair rose by 250 pips, as a result of two UK parliament votes. Initially, the British parliament rejected the agreement reached by Theresa May with the European Union. Hence, there was only one no-deal Brexit scenario which was also rejected later. It is difficult to indicate such market reaction as logical. Nevertheless, many traders expected strong movements in the pair. The current wave marking needed clarification because of the yesterday movements. Today, another parliamentary voting will be held on Brexit postponing. Thus, the pair is likely to end up with strong movements in different directions. Taking into consideration the wave pattern, we can expect the pair to rise within wave c at Y.

Buy targets:

1.3350 - 100.0% Fibonacci

1.3454 - 127.2% Fibonacci

Sell targets:

1.2961 - 0.0% Fibonacci

Conclusion and trading recommendations:

The wave pattern has changed.Now it involves construction of an upward wave with targets located near the pivot points of 1.3350 and 1.3454, which corresponds to 100.0% and 127.2% Fibonacci levels. However, after today's voting in the British Parliament, the pair is likely to show sharp movements.Therefore, the need for re-clarification of the wave marking can arise again.