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GBPUSD Elliot Waves Analysis For 5 May 2016

05 May 2016, GBP/USD

Wave Analysis:
GBP/USD is currently trading with a bullish bias. Yesterday, the pair broke below the red supportive trend line but could not go below 1.4473. During this intraday, we expect the current upward rally to be a mere pullback to the upper side but should not go above 1.4640. A clear close above 1.46637 will push the price further to the upper side while a clear rebound from 1.4640-1.46637 will lead to a massive acceleration to the lower side but should not go below 1.4106. This pair should be traded alongside EUR/USD, AUD/USD and NZD/USD. 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:

If you are not short already, wait for the current upward pullback to rebound from the just crossed red trend line then go short. The anticipated short position should have a target at 1.44061 and 1.4106. Only Buy if the price endes up breaking above 1.46637. The but position should have a target at 1.467.

Graham Osano
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