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GBPUSD Elliot Waves Analysis For 22 March 2016

22 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 22 March 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. During the previous trading day, Pound broke below a very significant support level 1.4415, and is currently headed short. The level 1.4415 should now act as a resistance level to the current upward pullback. To trade pound successfully, wait for the current pullback to end along 1.4415, then sell the pair with your target at 1.4270. Ideally, 1.4415 should mark the end of wave (b) and to signal the beginning of wave (c). This view can only be invalidated should the anticipated pullback go beyond 1.4425. A close above 1.4425 will mean looking for long positions with our target at 1.4509. Pound should be traded alongside EUR/USD these pairs have had a strong positive correlation of up +0.85 during the previous trading day and will likely move in a similar direction during this intra day.
Trade Recommendations:
If you are not short already, wait for the current pullback to rebound from 1.4415, then sell the pair with your target at 1.4270. Only buy upon a clear breakout above 1.4425 with your target at 1.4509.

Graham Osano
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