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GBPUSD Elliot Waves Analysis For 28 April 2016

28 April 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 28 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short but is yet to hit our target support 1.4473. The current downward rally is the continuation of wave (4) and should not go below the red ascending trend line. We will only be interested to buy upon a clear rebound from the supportive trend line or above 1.4406.During this intraday, key levels are seen at 1.4660, 1.4473, 1.44061, 1.4178 and 1.4045. This pair should be traded alongside GBP/CHF, EUR/CHF, and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday. Only buy or sell The cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short but only up to 1.4473, and the supportive trend line. A clear breakout below this trend line will push the price further to the lower side with the next target at 1.44061. Buy positions are only recommended above 1.46609, or a upon a clear rebound from the red supportive trend line.

Graham Osano
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