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GBPUSD Elliot Waves Analysis For 18 April 2016

18 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 18 April 2016

Wave Analysis:

GBP/USD is currently trading with a bullish bias. During the previous trading day on 15th April 2016, The Cable broke above a key resistance level 1.4179 and is currently headed long. Following this break out, we expect minor downward retracements towards 1.4202 to go long with our target at 1.4290. A clear breakout above this level will push the price further to the upper side with our next target at 1.4406. However, if the anticipated pullback goes below 1.4168, then we will go short with our target at 1.4063. This pair should be traded alongside AUD/USD, GBP/CHF and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction direction during this intaday.
Trade Recommendations:

If you are not long already, wait for minor downward retracements towards 1.4202, then go long with your target at 1.4290. Buy positions should only be considered if the price breakout below 1.4168

Graham Osano
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