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GBPUSD Elliot Waves Analysis For 26 May 2016

26 May 2016, GBP/USD

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. Yesterday, wave (3) traded long as previous forecasted and even hit our target resistance level 1.4729. We expect a possible rebound from this target to go short with wave (4) but should not close below 1.4646. This downward corrective wave (4) is highly anticipated since the intraday stochastic is already breaking below its overbought level of 80 and may rally towards its neutrality level of 50. This pair should be traded alongside GBP/JPY, GBP/CHF, and EUR/JPY. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.4729 to go short with your target at 1.4646. Buy positions are only recommended above 1.4729 with an ideal target at 1.4818.

Graham Osano
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