Online Assistant
We will be pleased to answer any questions you may have
Write Call
Log in

GBPUSD Elliot Waves Analysis For 21 March 2016

21 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 21 March 2016

Wave Analysis:

GBP/USD is currently trading with a slight bearish bias. During the previous week ending 18th March 2016, Pound traded perfectly long as forecasted and even broke above a key resistant level 1.4411. We expect this level to now act as the support to the current bearish movement. A break below this level will mean we are headed short with our target at 1.427. A clear rebound from 1.4411 will confirm the anticipated upward rally with our ideal target at 1.408. Pound should be traded alongside NZD/USD, and GBP/JPY. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar chart set up. Only buy or sell pound if the other pairs are giving similar signal.

Trade Recommendation:
Expect the current downward rally to end along 1.4411. Then buy the pair with your target at 1.427. A clear pullback below 1.4411 will mean we are headed further short with our target at 1.408.
Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.