GBPUSD Elliot Waves Analysis For 4 February 2016
04 February 2016, GBP/USD
GBP/USD is currently trading with a bullish bias. During the previous trading day, pound traded long and even hit a major resistant level 1.461. At the moment, we will only be keen to buy above 1.465 with our target at 1.4814. A close below 1.454 would mean we are headed short but with our target at 1.4402. Pound dollar should be traded alongside Euro dollar, and New Zealand Dollar. These pairs have a strong positive correlation of up to +0.79 and are thus expected to move in a similar direction. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.
Buy above 1.465 with your target at 1.4814. Sell below 1.454 with your target at 1.4402
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