GBP/USD Wave analysis and forecast of 27.02 – 06.03: The pair is under correction.

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Estimated pivot point is at the level of 1.5550.

Our opinion: In the short term: sell the pair from correction below the level of 1.5550 with a target at 1.52. In the medium term, wait for correction to complete and buy the pair in the presence of confirming signals.

Alternative scenario: Consolidation above a level of 1.5550 will allow the pair to continue the rise up to levels 1.56 – 1.58.

Analysis: Presumably, the development of the first wave а of 2 under big bullish correction is completed. Correction in a form of wave b of 2 is forming locally, in a form of irregular flat surface. If the presumption is correct, after correction, the pair will logically continue to rise to the levels 1.58 – 1.60.

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