GBPUSD Elliot Waves Analysis For 2 February 2016

02 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 2 February 2016
Wave Analysis:
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.

Trade Recommendations:

Buy above 1.4465 with your target at 1.4659. Sell below 1.4392 with your target at 1.4097

Graham Osano
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