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GBPUSD Elliot Waves Analysis For 9 May 2016

09 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 9 May 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short but is yet to reach our target support level 1.44061. We are waiting for a clear rebound from 1.44061 to go long with a target at 1.4663. A clear breakout below this level will call for short position with an ultimate target at 1.4106. This pair should be traded alongside, GBP/JPY, EUR/USD, and AUD/USD. These pairs have a strong positive correlation of up to +0.92 and will likely have a similar price action during this week. Only buy or sell the Cable if the other pairs are giving the same signal.

Trade Recommendations:

In The meantime, sit on the sidelines and wait for a clear breakout below 1.44061 to go short with your target at 1.4106. A clear rebound from this level will lead to an upward acceleration towards 1.4663

Graham Osano
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