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GBPUSD Elliot Waves Analysis For 3 March 2016

03 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 3 March 2016

Wave analysis:

GBP/USD is currently trading with a bullish bias. During the previous trading day, pound broke above a key resistive level 1.4025, and is currently trading just above a key pivot level 1.4070. As long as price trades above this pivot level, long positions should be ideal for trading with an ideal targets at 1.4150 and 1.4221. Only sell upon a clear breakout below 1.4027. Pound should be traded alongside GBP/HKD, AUD/CHF, and AUD/USD. These pairs have a strong positive correlation of up to +0.90 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 Recommendations:

As long as price trades above 1.4070, look for long positions should be ideal for trading with an ideal targets at 1.4150 and 1.4221. Only sell upon a clear breakout below 1.4027

Graham Osano
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