GBPUSD Elliot Waves Analysis For 2 February 2016
02 February 2016, GBP/USD
GBP/USD is currently trading with a slight bull bias. We are waiting for a break out above 1.4456 to mark the continuation of the upward trend. A close above 1.4465 would mean we are headed further long but with an ultimate target at 1.4659. A close below 1.4392 would mean we will be headed short with our targets at 1.4237 and 1.4097. This pair should be traded alongside other positively correlated pairs such as GBP/JPY, GBP/CHF, and AUD/USD. These pairs have a slight positive correlation of up to +0.81 and are thus expected to have a similar chart pattern. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Buy above 1.4465 with your target at 1.4659. Sell below 1.4392 with your target at 1.4097
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