GBPUSD Elliot Waves Analysis For 9 February 2016
09 February 2016, GBP/USD
GBP/USD is currently trading along a very significant pivot level 1.4419. We are waiting for a close below 1.4396 to sell the pair but with our targets at 1.4237 and 1.4097. In the meantime, we will sit on the sidelines and only buy above 1.4471 with our target at 1.4659. This pair should be traded alongside other positively correlated pairs such as GBP/CAD, NZD/USD, GBP/AUD, and NZD/SGD. These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price pattern. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
In the meantime, remain flat and only buy above 1.4471 with your target at 1.4659. And only sell below 1.4396 with your targets at 1.4237 and 1.4097.
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