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GBPUSD Elliot Waves Analysis For 2 May 2016

02 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 2 May 2016
Wave Analysis:
GBP/USD is currently trading with bullish bias. During the previous traded long and is currently finding it hard to close above a key daily resistance level 1.4640-1.46637. We expect the zone to have marked the end of wave (5), that any movements to the lower side will be the unfolding of a three wave cycle to the lower side with wave (a) ending along the supportive trend line. This view can only be invalidated if the price ends up closing above 1.46637.This pair should be traded alongside GBP/CHF, NZD/USD and GBP/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

Trade Recommendations:

Wait for a clear reversal candle from 1.4640-1.46637 to go short with your target along the ascending trendline. Only buy, if the pair breakout above 1.46637. The long position should have a target at 1.4818.

Graham Osano
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