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GBPUSD Elliot Waves Analysis For 25 March 2016

25 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 25 March 2016
Wave Analysis: GBP/USD is currently trading trading with a bullish bias. During the previous trading day, pound rebounded from 1.4060, headed long but could not close clearly above 1.4177. We are waiting for a clear close above this level to go long with our target at 1.4289. A clear breakout below 1.4060 will mean looking for short positions with our target at 1.3832. Pound should be traded alongside EUR/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday. Only buy or sell Pound if Euro is giving the same signal.

Trade Recommendations:

Wait for a clear close above the level 1.4177 to go long with your target at 1.4289. A clear breakout below 1.4060 will mean looking for short positions with our target at 1.3832.

Graham Osano
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