manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
QIWIInstant top-up
Log in

GBPUSD Elliot Waves Analysis For 8 February 2016

08 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 February 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Following a bounce from the daily resistant 1.4611, we expect the price to continue short probably below 1.444 but with our ultimate target at 1.4234. A break above 1.4674 will call for long positions but with our target at 1.4955. This pair should be traded alongside other positively correlated pairs such as EUR/USD, AUD/USD, and GBP/HKD. These pairs have a strong positive correlation of up to +0.93 and are thus expected to have a similar price direction. Only buy or see pound if all the other positively correlated signal are giving the same signals.

Trade Recommendations:

Wait for a break below 1.4437 then sell the pair but with your target at 1.4234. Only buy upon a clear break above 1.466

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.