GBPUSD Elliot Waves Analysis For 26 February 2016
26 February 2016, GBP/USD
GBP/USD is currently on an upward pullback towards 1.4017. A break above 1.4079 will call for further long positions with an ideal target at 1.4149. However, should the price clearly rebound from either resistance levels, 1.4017, 1.4079, or 1.4149, you should go short with you ultimate target at 1.38788. Traders trading this pair should observe closely other positively correlated pairs such as GBP/HKD, GBP/CHF, and GBP/JPY. These pairs have a strong positive correlation of up +0.89 and are thus expected to have similar chat setups. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Expect a rebound from either 1.40172 or 1.4079 for you to go short with your ultimate target at 1.3878. However, a break above 1.4079 will call for further long positions with an ultimate target at 1.4149.
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