Wave counting analysis:
On April 1, the GBP/USD pair added about 65 bp, while failing to update the previous local minimum, but retaining the prospects for building the downward trend section and its wave 3 . I still expect the tool to pass the b wave minimum, which will indicate the pair's willingness to further decline. The news background for the pair remains negative since the UK Parliament cannot determine its desires on the Brexit issue. Yesterday, they blocked four more different versions of Brexit. All these events are unlikely to cause demand for the sterling pound. Today, I recommend paying attention to the US report on orders for long-term use goods, although of course, Brexit remains the main theme for the pair in which everything moves towards a "hard" exit scenario.
Purchase targets:
1.3350 - 100.0% Fibonacci
1.3454 - 127.2% Fibonacci
Sales targets:
1.2961 - 0.0% Fibonacci
General conclusions and trading recommendations:
The wave pattern assumes the construction of a downward wave 3. The news background still remains on the side of the dollar, which implies a further decline in the pair. With the breakthrough of the minimum of wave b, there will be much more confidence in the further decrease. Thus, I expect a break at 1.2961 with further construction of the downward wave.
The material has been provided by InstaForex Company - www.instaforex.com
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