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GBPUSD Elliot Waves Analysis For 24 February 2016

24 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 24 February 2016

Wave Analysis:

GBP/USD is currently trading below its pivot level. As long as pound remains below this pivot level, it is likely to trade in the lower ranges. Thus, sell orders are still recommended but with our first target at 1.394. A break below this support level will call for further short position with a target at 1.394. Since the pivot is at 1.4021, Buy positions will only be ideal upon a clear breakout above this pivot with our target at 1.4079. This pair should be traded alongside other positively correlated pairs such as GBP/HKD, GBP/AUD, GBP/JPY, EUR/CHF and GBP/CAD. These pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar chart pattern.

Trade Recommendations:

Sell orders are recommended but with a first target at 1.394. A break below this support level will call for further short position with a target at 1.394. Buy positions will only be ideal upon a clear breakout above 1.4021 with your target at 1.4079.

Graham Osano
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