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GBPUSD Elliot Waves Analysis For 8 March 2016

08 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 March 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. We have just seen a test of the resistance level 1.4277. We are waiting for a clear breakout above 1.4287 to mark the continuation of the upward rally but with a target at 1.4415. A clear break above this level would mean we are headed further long with our next ideal target at 1.4466. A clear close above 1.4466 would invalidate the anticipated rebound from this level and would mean we are headed further long. In the meantime, we wait for the current pullback to end around the short term support 1.4201 for are to pick a long order. Pound should be alongside Euro, these pairs are strongly bullish on their daily charts and will likely head long for the better parts of this intraday. Only buy or sell pound if Euro is giving the same signal.

Trade Recommendation:

Conservative trader should wait for a clear close above 1.4287 to execute buy orders with their targets at 1.4415, and the next target at 1.4466. Alternatively, wait for the current downward pullback to reach 1.4202 then buy with your target at 14466.

Graham Osano
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