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GBPUSD Elliot Waves Analysis For 19 February 2016

19 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 19 February 2016
Wave Analysis:
There is no much change in GBP/USD. During the previous trading day, pound broke above the level 1.4324l, but ended up closing below it. Unless the price closes below 1.4293, we may have to look for long positions with our target at 1.44082. A close below 1.4293 would mean we are headed further short with our target at 1.40844. Buy positions are only recommedaded above 1.4358 with an ultimate target at 1.4487. This pair should be traded alongside other positively correlated pairs such as GBPJPY, GBP/CHF and GBP/CAD. These pairs have a strong positive correlation of up to +0.94 and are thus expected to move in a similar direction. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Unless the price closes below 1.4293, long positions with your target at 1.44082. A close below 1.4293 would mean looking for short positions with your target at 1.4084. Buy positions are only recommended above 1.4358 with an ultimate target at 1.4487.

Graham Osano
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