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GBPUSD Elliot Waves Analysis For 19 April 2016

19 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 19 April 2016

Wave Analysis:

GBP/USD is currently trading with a bullish bias. Yesterday, the pair traded long upon bouncing from the lower supportive trend line and is currently trading just above a key resistance level 1.4290. During this intraday, key resistance level is seen at 1.4406, and key support levels are seen at 1.4290, 1.4168 and 1.4046. As long as the pair trades above 1.4306, expect an upward rally towards 1.4395. A clear breakout above 1.4406 will push the price further to the upper side. This pair should be traded alongside AUD/USD, and NZD/USD. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday.

Trade Recommendation:

If you are not long already, wait for minor downward pullbacks towards 1.4290, then go long with your target at 1.4406. Only sell if the pullback clearly close below 1.4200

Graham Osano
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