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GBPUSD Elliot Waves Analysis For 18 March 2016

18 March 2016, GBP/USD

Wave Analysis:

We expect GBP/USD to trade with a bullish bias. Following yesterday's break above 1.4406, the pair is clearly in a trend continuation pattern and will likely continue long with our next ideal target at 1.46609. In the meantime, we wait for minor corrective rally towards 1.4406 to go long with our target at 1.46609. A breakout below 1.4406 will invalidated this view. This pair should be alongside GBP/JPY, and EUR/USD. These pairs have a strong positive correlation of up to +0.85 and will likely have a similar price action. Only buy or sell Pound if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for minor pullback towards 1.4406 to go long with your target at 1.46609. only sell if the pullback clearly breakout below 1.4406 with your target at 1.4065

Graham Osano
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