GBPUSD – March 16th, 2020

GBP/USD, 12H chart. It seems like there’s a downward zigzag, which supposed to be wave (B). Previously, we had an upward impulse in wave (A). Also, there’s an advance, which could be the first wave of wave (C).

If correct, we’re likely going to have the beginning of wave 3 in the coming hours. The main critical level for this scenario is at 1.1957.

GBP/USD, 45Min chart. A downward impulse in wave ((c)) of 2 is almost over. The market is testing the 0.786 retracement level of wave (A). If the price fixates above this level and we see a local upward five-wave price movement, the bullish outlook will have confirmation.

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