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GBPUSD Elliot Waves Analysis For 11 April 2016

11 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 11 April 2016
Wave Analysis:
GBPUSD is currently trading with a bullish bias. Recently, the pair tested the daily support level 1.405 but could not cross below it. As long as the pair trades above this level, sell orders are not preferable, instead, we will be looking for long positions with our target at 1.417, a break above 1.4193 will call for further long positions with our next target 1.4289. In an alternative case scenario, should be pair close below 1.404, we will be looking to go short with our targets at 1.4004 and 1.3921. This pair should be traded alongside GBP/CHF, and EUR/USD. These pairs have a strong positive correlation of +0.96 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above the level 1.405, look for long positions with your target at 1.417, a break above 1.4193 will call for further long positions with our next target 1.4289. Only sell if the pair clearly break below 1.404

Graham Osano
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