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GBPUSD Elliot Waves Analysis For 1 February 2016

01 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 1 February 2016
Wave Analysis:
GBP/USD is currently trading with a slight bearish bias. A close below 1.4187 would mean we are headed further short with our target at 1.4080, otherwise should the price successfully close above 1.4270, then we will be looking for long positions with our target at 1.450 and 1.4611. This pair should be traded alongside other pairs such as GBP/CHF, NZD/USD, EUR/JPY and CHF/JPY. These pairs have a strong positive correlation of up to +0.96 and are thus expected to move in a price action. Only buy or sell pound if all the other positively correlated a pairs are giving the same signal.
Trade Recommendations:

Only sell below 1.4192 with your TPs at 1.4080. Buy above 1.4270 with your targets at 1.4508 and 1.4611.

Graham Osano
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