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GBPUSD Elliot Waves Analysis For 6 April 2016

06 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 6 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Following a sharp fall below 1.4178, we expect the cable to retrace back to 1.4178 before continuing short. We will only buy the pair if the retracement go above 1.4193. As long as the pair trades below 1.4178, but does no test 1.4193, we'll look for short positions with your target at 1.4054. This pair should be traded alongside GBP/JPY and EUR/CHF. These pairs have a strong positive corelation of up to +0.95 and will likely move in a similar direction during this intraday. Only buy or sell The Cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:
Wait for retracements towards 1.4178 or even further to 1.4193 then sell pair with your target at 1.4054. Only buy if the pullback clear close above 1.4193.
Graham Osano
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