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GBPUSD Elliot Waves Analysis For 11 May 2016

11 May 2016, GBP/USD

wave Analysis:

GBP/USD is currently trading with a bullish. Yesterday, the pair traded short as previously forecasted but could not close below the supportive trend line. During this intraday, a clear breakout above the descending channel will push the price to the upper side but should not close above 1.46637. However, as long as the pair trades within the descending channel we expect a momentum to the lower side. This pair should be traded alongside AUD/USD, NZD/USD, AUD/USD, and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will likely move in the same direction during this intraday.

Trade Recommendations:

As long as the pair trades within the descending channel, remain shot with you target at 1.44061, A clear breakout below 1.44061 will call for further short positions with your targets at 1.4304, and 1.4178. Any clear break above the channel will call for long positions with target at 1.46637.

Graham Osano
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