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GBPUSD Elliot Waves Analysis For 1 April 2016

01 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 1 April 2016

Wave Analysis:

GBP/USD is currently trading with bullish bias. During the previous trading day, The cable retraced to the upper side but could not close above 1.4410. We expect the resistance level 1.4410 to have marked the end of the wave (b). That the current downward rally is the unfolding of wave (c) with an ultimate target at 1.4079. In the meantime, we remain short with our target at 1.4289, a break below 1.4270 will call for further short positions with our next target at 1.4079. We will only buy if the price breaks clearly above 1.4410. This pair should be traded alongside GBP/JPY and Gold . These pairs and commodity have a strong positive correlation of up to +0.89 and will likely move in a similar direction within this intraday. Only buy or sell the Cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

As long as the pair trades below 1.4410, look for short positions with your targets at 1.4289 and 1.4079, Buy positions are only recommended in case the price closes clearly above 1.4410.

Graham Osano
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