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GBPUSD Elliot Waves Analysis For 26 April 2016

26 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 26 April 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Following the breakout above 1.4406, we are trading a breakout. We will thus be expecting further upward rally towards 1.4640. This view can only be invalidated should the pair ended up retracing below 1.4406. If the latter is the case, then we expect a downward rally towards 1.4290. Ideally, during this intraday key resistance levels are at 1.4497, 1.4503, 1.4511 and 1.4640. While key support levels are seen at 1.4485, 1.4478 and 1.4472. This pair should be traded alongside GBP/CHF, GBP/JPY and AUD/USD. This pairs have a strong positive correlation of up to +0.91 and will likely have a similar price action during this intraday

Trade Recommendations

As long as the level 1.4406 protects the lower side, look for long positions with your target at 1.4640 and the next target at 1.4809. This view can only rendered futile if the pair ends up retracing below 1.4406

Graham Osano
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