manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

GBPUSD Elliot Waves Analysis For 15 April 2016

15 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 15 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. During this intraday, a strong support is seen at 1.4062, while resistance levels are seen at 1.4193, 1.4289 and 1.44061. A clear breakout above 1.4193 will accelerate an upward rally towards 1.4289. However, as long as 1.4178-1.4193 protects the upper side, expect the price to trade on the lower ranges towards 1.4062. The Cable should be traded alongside GBP/CHF, AUD/USD and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday. Only buy or sell GBP/USD if the other pairs are giving the same signal.

Trade Recommendations:

As long as the levels 1.4193-1.4193 protects the upper side, look for short positions with an ideal target at 1.4062. A clear breakout below 1.4045 will call for further short positions. Only buy if the price clearly close above 1.4193.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .