Wave analysis for GBP / USD pair on March 27. Important ballots will take place today but how will this affect the pound?
Wave counting analysis:
On March 26, the GBP/USD pair rose by 15 bp, not particularly pleasing with its activity in recent days. It seems that the markets lurked in anticipation of several parliamentary votes at once that should determine which version of Brexit do most parliamentarians support. Thus, I assume that today the activity of the tool until the evening will remain low. Based on the current wave pattern, we can assume the completion of the construction of wave 2 of a new downtrend trend. However, the evening parliamentary votes may lead to an unpredictable market reaction and the current wave counting may require adjustments and additions.
1.3350 - 100.0% Fibonacci
1.3454 - 127.2% Fibonacci
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 in the present is the construction of a descending wave with targets that are below 29 figures. However, both purchases and sales of the pair today are extremely risky since no one knows how to conclude the voting in the UK Parliament.The material has been provided by InstaForex Company - www.instaforex.com