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GBPUSD Elliot Waves Analysis For 15 March 2016

15 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 15 March 2016

Wave Analysis:

GBP/USD is currently trading with a bullish bias. During the previous trading day, pound made minor movements away from its open price. During this intraday, as long as the pair trades above 1.4415 we will be looking for long positions with our ideal target at 1.4510. On the other side, as long as the price trades below 1.4330 look for short positions with your ultimate target at 1.42119. A break below this target would mean looking for further short positions with our next target at 1.4565. This pair should be traded alongside EUR/USD and CHF/ZAR. These pairs have a strong positive correlation of up to +0.85 and will likely move in the same direction during this intraday. Only buy or sell pound if the other pair are giving the same signal.

Trade recommendations

As long as the pair trades above 1.4415 look for long positions with your ideal target at 1.4510. On the other side, as long as the price trades below 1.4330 look for short positions with your ultimate target at 1.42119. A break below this target would mean looking for further short positions with our next target at 1.4565.

Graham Osano
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