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GBPUSD Elliot Waves Analysis For 29 April 2016

29 April 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a bullish Bias. Yesterday, wave (4) ended a bit earlier at 1.4473 thereby paving way for wave (5) to continue to the upper side. In case of a clear breakout above 1.4640-1.46637, we will wait for minor downward retracement towards the same level to continue long with wave (5) to the upper side. However, in case the pair rebounds from this one then we expect a rally to the lower side. During this intraday, key levels are seen at 1.4045, 1.4178, 1.4289, 1.4406, 1.4473, and 1.4663. This pair should be traded alongside EUR/USD, GBP/CHF and AUD/USD. These pairs have a strong positive correlation of up to +0.90 and will likely have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear breakout above 1.46637 to go long with your target at 1.4818. Only sell if the anticipated pullback goes below 1.4640.The sell order should have a target at 1.44061.

Graham Osano
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