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GBPUSD Elliot Waves Analysis For 20 April 2016

20 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 20 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit our target resistance line 1.4406. During this intraday, Key support levels are seen at 1.4290, 1.4174 and 1.4063, while key resistance levels are seen at 1.4406 and 1.4661. Following the rebound from 1.4406, the current downward rally to be the unfolding of wave [4] with a target at 1.4290 from where we'll look to buy wave [5]. However, if the anticipated corrective wave [4] close below 1.4290 then short positions will be ideal with an ultimate target at 1.4063. This pair should be traded alongside GBP/JPY, NZD/USD, GBP/CHF, EU/USD, EUR/JPY, AUD/JPY and AUD/USD . These pairs have a strong positive correlation of up to +0.85 and will likely move in a similar direction during this intraday.

Trade Recommendations:

Remain short but only upto 1.4290. A clear break below this target will push the price further to the lower side with an ultimate target at 1.4063. However, in case of a clear breakout above 1.4406 will push the price further to the upper side with an ideal target at 1.4661.

Graham Osano
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