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GBPUSD Elliot Waves Analysis For 29 March 2016

29 March 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 29 March 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded long and ended up rebounding from the resistance level 1.4283. We expect the current downward rally to be a mere retracements towards 1.4199 from where we will be looking to go long with our ultimate target at 1.4410. However, if the pullback goes below 1.4182, then short positions will be recommended with a target at 1.4079. GBP/USD should be traded alongside EUR/USD, these pairs have a strong positive correlation of up to 0.95 and will likely have a similar price direction during this intraday. Only buy or sell Pound if Euro is giving the same signal.

Trade Recommendations:
Wait for the current downward pullback to end along 1.4199 or even further to 1.4182 then go long with your target at 1.4410. If the pullback goes below 1.4182, then sell the pair with your target at 1.4079.
Graham Osano
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