29 March 2016, GBP/USD
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.
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