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GBPUSD Elliot Waves Analysis For 4 February 2016

04 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 4 February 2016
Wave Analysis:
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.

Trade Recommendation:

Buy above 1.465 with your target at 1.4814. Sell below 1.454 with your target at 1.4402

Graham Osano
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