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GBPUSD Elliot Waves Analysis For 2 March 2016

02 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 2 March 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, Pound traded long but is yet to reach our target of 1.408, we still expect further movements towards this level or even further to 1.4151. A break above 1.408 would mean we are headed further long to 1.4151. Otherwise, should the price rebound from the immediate resistive trendline, then sell positions positions will ideal for trading with an ultimate target at 1.3485. This pair should be traded alongside other pair such as GBP/CHF, and GBP/CAD. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have a similar price pattern. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Expect further upward movements towards 1.408 or even further to 1.4151. A break above 1.408 would mean we are headed further long to 1.4151. Should the price rebound from the immediate resistive trendline, then sell positions positions will ideal for trading with an ultimate target at 1.3485.

Graham Osano
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