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GBPUSD Elliot Waves Analysis For 16 March 2016

16 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 16 March 2016

Wave Analysis:

GBP/USD is currently trading with a very strong bearish bias. During the previous trading day, pound rebounded from 1.4395 and is currently headed perfectly short. We are waiting for a clear break below 1.4065 to mark the continuation of the downward rally with our target at 1.3831. A clear rebound from this level will call for long positions with our target at 1.4395. Pound should be traded al;ongside, TRY/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.85 and will thus likely to have a similar chart set ups. Only buy or sell Pound if all the other positively corelated pairs are giving the same signal.
Trade Recommendations

We are waiting for a clear break below 1.4065 to mark the continuation of the downward rally with your target at 1.3831. A clear rebound from this level will call for long positions with our target at 1.4395

Graham Osano
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