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GBPUSD Elliot Waves Analysis For 30 March 2016

30 March 2016, GBP/USD

Wave Analysis:

GBP/USD is currently trading with a strong bullish bias. Duing the previous trading day, Cable traded long as previously forecasted, and is still pretty much bullish. Despite the anticipated upward rally, we will sit on the sidelines and only buy above 1.44107. A clear rebound from the level 1.4407 will drive the market to the lower side with our ideal target at 1.4196. Cable should be traded alongside Euro, these two pairs have a strong positive correlation of up to +0.86 and will likely move in a similar direction during this intraday. Only buy or sell Cable if Euro related pairs are giving similar signal.

Trade Recommendations:

Sit on the sidelines and wait for a clear break above 1.44107 to buy the pair with your target at 1.4488. A clear rebound from the level 1.44107 will mean looking for short positions with our target at 1.4196

Graham Osano
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