GBPUSD Elliot Waves Analysis For 15 February 2016
15 February 2016, GBP/USD
GBPUSD is currently trading a long a significant pivot level 1.4508. Pound is pretty much choppy as a result of the mixed signals in the pound market.Unless the price closes above 1.4545, we may have to sit on the sidelines and only sell below 1.4466 with our targets at 1.4406 and 1.4350. A close above 1.4545 will call for long positions but with our target at 1.4670. Pound should be traded alongside NZD/JPY and AUD/CAD. These pairs have a moderate positive correlation of up to +0.56 and are thus expected to have a near similar price direction. While trading pound, it is wise to check on either pairs for similarities.
Conservative traders should sit on the sidelines and only sell below 1.4466 with your targets at 1.4406 and 1.4350. A close above 1.4545 will call for long positions but with your target at 1.4670.
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