GBP/USD: Wave analysis and forecast for 15/03/2019 – 22/03/2019

The pair GBP/USD is still likely to grow. Estimated pivot point is at a level of  1.2958.

Main scenario: long positions will be relevant from corrections above the level of  1.2958 with a target of 1.3626 – 1.3723.

Alternative scenario: Breakout and consolidation below the level of  1.2958 will allow the pair to continue declining to the levels of 1.2398 – 1.2200.

Analysis: Supposedly, a descending correction of senior level in the form of the second wave (2) finished developing on the daily frame in the form of a zigzag. Supposedly, the first counter-trend wave of i of 1 of (3) has been formed and a descending correction finished developing in the form of wave  ii of 1  on the H4 time frame. Apparently, the third wave of junior level  iii of 1 started developing on the H1 time frame, with a local correction formed inside as the wave (ii) of iii. If the presumption is correct, the pair will continue to rise to the levels 1.3626 – 1.3723. The level  1.2958 is critical in this scenario.