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GBPUSD Elliot Waves Analysis For 21 April 2016

21 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 21 April 2016
Wave Analysis:
GBP/USD is currently trading with a bearish. Yesterday, the pair traded massively long as previously forecasted and even hit our target resistance level 1.4406. During this intraday, key levels are seen at 1.42900, 1.4178 and 1.4054. As long as the pair trades below 1.4395, expect a downward rally towards1.42900. A clear breakout above 1.4406 will push the price further to the upper side. This pair should be traded alongside GBP/JPY, NZD/USD 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 with your target at 1.42900, a clear breakout below this level will push the price further to the lower side with the next target at 1.4178. Only buy above 1.4406 with your target at 1.4660

Graham Osano
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