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GBPUSD Elliot Waves Analysis For 11 February 2016

11 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 11 February 2016
Wave Analysis:
GBP/USD is currently trading with a strong bullish bias. During this intraday, expect price to continue long probably up to above 1.4659. Ideally, wave (5) should have an ultimate stop at 1.4814. Thus, we will be keen to remain long with our ultimate target at 1.4814. This pair should be traded alongside other positively correlated pairs such as AUD/USD, AUD/CAD and GBP/CHF . These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price direction. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:

Remain long but with your targets at 1.4659 and 1.4814.

Graham Osano
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