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GBPUSD Elliot Waves Analysis For 3 February 2016

03 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 3 February 2016
Wave Analysis:
GBP/USD is currently trading with a slight bearish bias. As long as as pound continues to rally along the pivot level 1.4419, we will sit on the sidelines and only buy buy above 1.444 with our target at 1.4659. In an alternative case scenario, a close below 1.4370 would mean we are headed short, but with our ultimate target at 1.4097. This pair should be traded alongside other positively correlated pairs such as GBP/CHF, GBP/HKD, NZD/USD and GBP/SGD. These pairs have a strong positive correlation of up to +0.88 and are thus expected to have a similar price action. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

At the moment, remain on the sidelines and only Buy above 1.444 with your target 1.4659. In case the price close below 1.4370, then sell the pair with your target at 1.4097.

Graham Osano
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