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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
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