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GBPUSD Elliot Waves Analysis For 8 April 2016

08 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded massively short as previously forecasted but could not close below the daily support 1.4054. As long as the pair trades above this level, expect the price to trade on the higher ranges with targets at 1.4193 and 1.4289. However, in case the pair breaks below 1.4045, then we expect the price to trade on the lower ranges. We will thus be looking to sell below 1.4045 with our ideal target at 1.3831. The cable should be traded alongside GBP/CHF, EUR/JPY and AUD/JPY. These 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 the other pairs are giving the same signal.

Trade Recommendations:

As long as the pair trades above this 1.4054, expect the price to trade on the higher ranges with your targets at 1.4193 and 1.4289. However, in case the pair breaks below 1.4045, then sell the pair with your ideal target at 1.3831.

Graham Osano
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