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GBPUSD Elliot Waves Analysis For 23 May 2016

23 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 23 May 2016

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. During the previous trading day on 20th May 2016, the pair traded massively short as previously forecasted and even hit out target support level 1.4480. We expect the current upward rally to be the unfolding of wave (b) and should not break above 1.4543, a beak above this level (1.4543) will lead to an acceleration to the upper side, while a clear rebound from this level will lead to the continuation of wave (c) but should not go below 1.4406. This pair should be traded alongside NZD/USD, AUD/USD and GBP/HKD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this week.

Trade Recommendations:

Remain long but only up to 1.4543, a clear breakout above this target will call for further long positions with an ultimate target at 1.4706. A clear rebound from 1.4543 will call for short positions with a target at 1.4406.

Graham Osano
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