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GBPUSD Elliot Waves Analysis For 17 March 2016

17 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 17 March 2016

Wave Analysis:

GBP/USD is currrently trading with a strong bullish bias. During the previous trading day, pound rebounded from the level 1.4065, went long an even crossed a short-term resistance level 1.42119. As long as the pair trades above this level, we will look for long positions with an ultimate target at 1.4406. In the meantime, we wait for minor retracements towards 1.42119, or below to 1.4180 for us to go long with our ideal target at 1.4406. We will only go short if the pullback breakout clearly below 1.4180. This pair should be traded alongside EUR/JPY, CHF/JPY, CAD/JPY and GBP/JPY. These pairs have strong positive correlation of up to +0.94 and will likely have a similar price action. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade recommendations:

Wait for minor pullback towards 1.42119, or below to 1.4180 for you to go long with your ideal target at 1.4406. Only go short if the pullback breakout clearly below 1.4180.

Graham Osano
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