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GBPUSD Elliot Waves Analysis For 24 May 2016

24 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 24 May 2016

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair traded short as previously forecasted but could not close below the supportive level 1.4468. During this intraday, we expect a break below this support level (1.4469) to continue with wave (c) towards 1.44061. However, as long as the pair trades above 1.4480, we'll be keen to look for a possible rally to the upper side but should not go beyond 1.4729. This pair should be traded alongside GBP/JPY, GBP/CHF, NZD/USD and EUR/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

During this intraday, expect a break below 1.4469 to go short with you targets at 1.44061 and 1.43040. However, as long as the pair trades above 1.4480, look for long positions with your ultimate target at 1.4729.

Graham Osano
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