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GBPUSD Elliot Waves Analysis For 11 March 2016

11 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 11 March 2016

Wave Analysis:

GBP/USD is currently trading with a bullish bias. During the past trading day, the black wave(4) traded perfectly short and ended up rebounding along the lower supportive trend line as previously forecasted. We expect the current upward rally to be the unfolding of wave (5) with an ideal target at 1.4395. In the meantime, we wait for the current downward movement to retrace back to the lower supportive trend line for us to go long and continue with wave (5). Pound should be traded alongside EUR/USD. These pairs have a very strong positive correlation of up to +0.96 and are thus expected to have a similar price action.
Trade Recommendations:
Wait for mionor retracements towards the lower supportive trendline, then go long with your ideal target at 1.4395
Graham Osano
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