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GBPUSD Elliot Waves Analysis For 6 May 2016

06 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 6 May 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. Yesterday, instead of retracing to the red trendline as previously forecasted, the pair made minor pullbacks to the upper side but could not close below 1.4473. As long as the level 1.4473 protects the lower side, we expect an upward acceleration towards 1.4640. A clear breakout below 1.4473 will push the price 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 pair have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.4473, expect an upward rally towords1.4640. A clear breakout below 1.4473 will push the price to the lower side but with an ultimate target at 1.4106.

Graham Osano
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