Wave counting analysis:
On March 7, the GBP / USD pair dropped by 90 bp, thus, there are all the necessary grounds for concluding on the continuation of building a new downtrend trend, or rather its first wave. The news background for the pair remains negative, as there are no positive reports on Brexit issues in the media. The EU and the UK continue to negotiate or continue to create the appearance of negotiations, since the public does not know anything about the new terms of the agreement. March 12 is approaching, and it is when voting on Brexit options will begin in Parliament. These days will be for the pound sterling, the next period X, after which the fateful decisions can be made.
1.3348 - 0.0% Fibonacci
1.001 - 38.2% Fibonacci
1.2891 - 50.0% Fibonacci
General conclusions and trading recommendations:
The wave pattern still expects the construction of a downward set of waves. Therefore, sales are now expedient with targets at 1.00100 and 1.2891, which equates to 38.2% and 50.0% Fibonacci and a protective order above 1.3340. I recommended larger sales when receiving negative news from the UK about Brexit.The material has been provided by InstaForex Company - www.instaforex.com