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GBPUSD Elliot Waves Analysis For 5 April 2016

05 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 5 April 2016
Wave Analysis:
GBP/USD is currently trading trading with a bearish bias. A breakout above the level 1.4289 will push the market to the upperside with an ultimate target at 1.4406. However, as long as the pair remains bearish below it, we will remain short with our first target at 1.4193. A break below this target will accelerate the downward rally with our next target at 1.4054. The downward rally is highly anticipated since another positively correlated pair, EUR/USD, is pretty much bearish and will likely remain bearish for the better parts of this intraday. We will thus be looking for sell orders in both pairs during this trading day.

Trade Recommendations:

Remain short with your first target at 1.4193. A break below this level will call for further short positions with our next target at 1.4054. Only buy upon a clear breakout above 1.4289 with your target at 1.4406

Graham Osano
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