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GBPUSD Elliot Waves Analysis For 10 March 2016

10 March 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. During the previous trading day, there were some indecision in this pair, however, during this intraday, if the price should rebound clearly from the red supportive trend line, then we will be going long with wave (5) and have our target at 1.4395. Only a clear breakout below this supportive trend line will challenge this perspective. Pound should be traded alongside GBP/CHF and NZD/JPY, these pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar chart structure.
Trade Recommendations:
Wait for a clear rebound from the lower supportive trendline, then buy the pair with your target at 1.4395. Only a clear breakout below this supportive trendline would mean looking for short positions but only up to 1.4065
Graham Osano
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