GBPUSD Elliot Waves Analysis For 17 February 2016
17 February 2016, GBP/USD
GBPUSD is currently trading with a strong bearish bias. The pair broke below a very significant pivot level 1.435 and is still very bearish. Following this break, we are very reluctant to go long, instead, we will remain short but with our targets at 1.4237 and 1.4083. Only an upward correction above 1.435 will call for long orders. Pound should be traded alongside other positively correlated pairs such as GBP/CHF and NZD/JPY. These pairs have a strong positive correlation of up to +0.8. Thus they are expected to have a similar price action. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.
Remain short with your ultimate target at 1.4083.
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