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GBPUSD Elliot Waves Analysis For 23 March 2016

23 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 23 March 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded short and even broke below support level 1.4270 as previously forecasted. The level 1.4270 should now act as a Resistance to the current upward pullback. Thus, during this intraday, we expect an upward pullback towards 1.4270 for us to go short with our target at 1.4065. A clear break above 1.4289 will mean looking for long positions with our target at 1.4410. Pound should be traded alongside EUR/USD. These pairs have a strong positive correlation of up to +0.95 and will likely move in the same direction during this intraday.

Trade Recommendations:
If you are not short already, wait for the current pullback to end within the zone 1.4270-1.4289, then sell the pair with your ideal target at 1.4065. Buy positions are only recommended if the pullback goes above 1.4289. If the latter is the case, then the anticipated long position should have a target at 1.44107.
Graham Osano
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