GBPUSD Elliot Waves Analysis For 10 February 2016
10 February 2016, GBP/USD
GBP/USD is currently trading with slight bullish bias. During this trading day, we expect pound to trade on the higher ranges above 1.4459. Thus, as long as pound trades above 1.4459, we will be looking for long positions but with our target at 1.4605, only a close below 1.4412 would mean selling the pair but with an ultimate target at 1.4237. This pair should be traded alongside other positively correlated pairs such as EUR/JPY, EUR/HKD, AUD/JPY and AUD/USD. These pairs have a strong a positive correlation of up to +0.93 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.
As along as price trades above 1.4459, look for long positions with your target above 1.4605, only sell below 1.4412 with your target at 1.4237.
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