empty
11.03.2021 12:09 PM
Wave analysis of GBP/USD for March 11, 2021

GBP/USD, Daily:

This image is no longer relevant

Consider the situation for the GBP/USD currency pair.

It is assumed that the market is forming a global triple zigzag, in which the second wave of the bundle [X] has come to an end. The structure of which is presented on the daily time frame. The wave of the bundle [X] took the form of an upward double zigzag, consisting of sub-waves (W)-(X)-(Y).

Thus, we are currently in the early part of a new bearish wave. Let's take a closer look at the markup of the last section of the chart on a smaller time frame.

GBP/USD, H4:

This image is no longer relevant

We see that at the end of February 2021, a downward trend began to form in the currency pair. Most likely, the market is forming an impulse wave, which will consist of five sub-waves [1]-[2]-[3]-[4]-[5].

At the time of writing this article, the first part, the sub-wave [1], which took the form of a simple bearish impulse, has been fully completed. Then the price began to move upward in the corrective wave [2].

Wave [2] is expected to be small in size and may complete its pattern near the level of 1.4056. At this level, the correction [2] will be 61.8% along the Fibonacci lines from the impulse [1]. After that, market participants are waiting for the continuation of the decline in the currency pair within the third wave, as shown in the chart.

In the current situation, one can consider opening long positions in order to take profit at the level of 1.4046.

Roman Onegin,
Analytical expert of InstaForex
© 2007-2025
Select timeframe
5
min
15
min
30
min
1
hour
4
hours
1
day
1
week
Earn on cryptocurrency rate changes with InstaForex
Download MetaTrader 4 and open your first trade
  • Chancy Deposit
    Deposit your account with $3,000 and get $1000 more!
    In April we raffle $1000 within the Chancy Deposit campaign!
    Get a chance to win by depositing $3,000 to a trading account. Having fulfilled this condition, you become a campaign participant.
    JOIN CONTEST

Recommended Stories

Analysis for GBP/USD on April 14, 2025

The wave structure of the GBP/USD pair has also transitioned into a bullish, impulsive formation— thanks to Donald Trump. The wave pattern looks almost identical to that of EUR/USD

Chin Zhao 19:09 2025-04-14 UTC+2

Analysis for EUR/USD on April 14, 2025

The wave structure on the 4-hour chart for the EUR/USD pair has transitioned into a bullish formation. I believe there is little doubt that this shift occurred solely

Chin Zhao 19:05 2025-04-14 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for GBP/USD, AUD/USD, USD/CHF, EUR/JPY, AUD/JPY, and US Dollar Index – April 14th

GBP/USD Analysis: On the higher time frame of the pound sterling's major pair, a bullish trend has been forming since July last year. Over the past month, an extended corrective

Isabel Clark 12:20 2025-04-14 UTC+2

Weekly Forecast Based on Simplified Wave Analysis for EUR/USD, USD/JPY, GBP/JPY, USD/CAD, NZD/USD, and Gold – April 14th

EUR/USD Analysis: On the 4-hour chart of the euro major pair, an upward trend has been developing since early February. The structure of the wave has been forming its final

Isabel Clark 12:16 2025-04-14 UTC+2

EUR/USD Analysis – April 11th

The wave structure on the 4-hour EUR/USD chart has transformed into a bullish one. I believe there's no doubt that this transformation occurred solely due to the United States'

Chin Zhao 18:33 2025-04-11 UTC+2

EUR/USD Analysis – April 10th

The wave pattern on the 4-hour chart for the EUR/USD pair has shifted to a bullish structure. I believe there is no doubt that this transformation occurred solely

Chin Zhao 20:24 2025-04-10 UTC+2

GBP/USD Analysis – April 10th

The wave structure for the GBP/USD pair has also shifted to a bullish, impulsive formation — "thanks" to Donald Trump. The wave pattern is almost identical to that

Chin Zhao 20:21 2025-04-10 UTC+2

EUR/USD Analysis - April 8th

The wave pattern on the 4-hour chart for EUR/USD has transformed into a bullish one. I believe there is little doubt that this transformation is entirely

Chin Zhao 19:51 2025-04-08 UTC+2

GBP/USD Analysis - April 8th

The wave pattern for GBP/USD has also transformed into a bullish, impulsive structure — "thanks" to Donald Trump. The wave formation is nearly identical to that of EUR/USD. Until February

Chin Zhao 19:48 2025-04-08 UTC+2

EUR/USD Analysis – April 7th

The wave structure on the 4-hour chart for EUR/USD has transformed into a bullish one. I believe no one doubts that this transformation occurred solely due to the new U.S

Chin Zhao 19:25 2025-04-07 UTC+2
Can't speak right now?
Ask your question in the chat.
Widget callback
 

Dear visitor,

Your IP address shows that you are currently located in the USA. If you are a resident of the United States, you are prohibited from using the services of InstaFintech Group including online trading, online transfers, deposit/withdrawal of funds, etc.

If you think you are seeing this message by mistake and your location is not the US, kindly proceed to the website. Otherwise, you must leave the website in order to comply with government restrictions.

Why does your IP address show your location as the USA?

  • - you are using a VPN provided by a hosting company based in the United States;
  • - your IP does not have proper WHOIS records;
  • - an error occurred in the WHOIS geolocation database.

Please confirm whether you are a US resident or not by clicking the relevant button below. If you choose the wrong option, being a US resident, you will not be able to open an account with InstaForex anyway.

We are sorry for any inconvenience caused by this message.