GBPUSD Wave analysis and forecast for 31.03 – 07.04

Wave analysis and forecast for 31.03 – 07.04: Downward correction in the pair is likely to continue.

Estimated pivot point is at the level of 1.2523.

Analysis: Presumably, the formation of the upward correction as the wave 4 of the senior level continues. Within this wave the wave b of 4 is being developed. Locally, it is likely that one-two first wave (i) has been formed and the downward correction in the wave (ii) is being developed. If this assumption is correct, the pair may continue to decline to 1.2300. Critical level for this scenario is 1.2523.

Alternative scenario: Breakout and consolidation of the price above the level of 1.2523 will trigger further rise in the pair up to 1.2705.