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GBPUSD Elliot Waves Analysis For 28 March 2016

28 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 28 March 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, Pound rebounded from the level 1.4079, headed long, but could not close above 1.4186. A break above 1.4186 will push the market higher to 1.4406. Ideally, a clear breakout above this level will mean we are headed long with wave (c). The anticipated upward rally should have an ultimate target at 1.44061, a break above this level will mean looking for further long positions with our next target at 1.4660. This view can only be invalidated should the price end up closing below 1.4054, a close below 1.4054 will mean looking for short positions with our target at 1.3754. This pair should be traded alongside EUR/USD. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Expect the pair to trade on the higher ranges as long as trades above 1.4180. A break above 1.4180 will push the market higher to 1.4406. In an alternative scenario, should the price end up closing below 1.4054, look for short positions with our target at 1.3754.

Graham Osano
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