On March 13, the GBP/USD pair rose by 250 pips, which resulted from two UK parliament votes. First, the parliament did not approve the agreement reached by Theresa May with the European Union. Second, the tough Brexit scenario was also rejected. Such a market reaction can hardly be called logical, but most traders expected strong movements in the pair. The current wave count should be updated amid such movements. Today, another parliamentary vote will be held on postponing the exit from the EU, and thus, the pair might end up with strong movements in different directions. Based on the wave pattern, we can expect the pair to rise within wave c at Y.
Upward targets:
1.3350 – 100.0% Fibonacci
1.3454 – 127.2% Fibonacci
Downward targets:
1.2961 – 0.0% Fibonacci
General conclusions and trading recommendations:
The wave count has changed and now 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 vote in the British Parliament, the pair may show sharp movements, so the need to update the wave count can arise again.
The material has been provided by InstaForex Company – www.instaforex.com
Wave analysis:
On March 13, the GBP/USD pair rose by 250 pips, which resulted from two UK parliament votes. First, the parliament did not approve the agreement reached by Theresa May with the European Union. Second, the tough Brexit scenario was also rejected. Such a market reaction can hardly be called logical, but most traders expected strong movements in the pair. The current wave count should be updated amid such movements. Today, another parliamentary vote will be held on postponing the exit from the EU, and thus, the pair might end up with strong movements in different directions. Based on the wave pattern, we can expect the pair to rise within wave c at Y.
Upward targets:
1.3350 – 100.0% Fibonacci
1.3454 – 127.2% Fibonacci
Downward targets:
1.2961 – 0.0% Fibonacci
General conclusions and trading recommendations:
The wave count has changed and now 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 vote in the British Parliament, the pair may show sharp movements, so the need to update the wave count can arise again.
The material has been provided by InstaForex Company – www.instaforex.com
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