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GBPUSD Elliot Waves Analysis For 13 April 2016

13 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 13 April 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded long and even tested a key resistance level 1.4315 but ended up closing below it. As long as this level protects the upper side, we will be looking for short positions with our targets at 1.4193 and 1.4062. However, if the price should close successfully above 1.4348, then we will look to buy the pair with our first target at 1.4406. A break above this level will push the price further to the upper side. Cable should be traded alongside GBP/CHF, AUD/USD and GBP/JPY. These pairs have a strong positive correlation of up to +0.95 and will likely move in a similar direction during this intraday.

Trade Recommendations:

As long as the level 1.4315 protects the upper side, look for short positions with your targets at 1.4193 and 1.4062. Only buy if price close successfully above 1.4348,

Graham Osano
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