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GBPUSD Elliot Waves Analysis For 30 May 2016

30 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 30 May 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias.During the previous , the pair bounced of from the resistance level 1.4706, headed short and is still pretty much bearish bias. During this intraday, we still expect further movements to the lower side but should not close below 1.4543. A break below this target will lead to further acceleration to the lower side. This pair should be traded alongside GBP/JPY, GBP/CHF, and EUR/JPY. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.
Trade Recommendations:
Expect an acceleration to the lowerside. Remain short with your targets at 1.4575 and 1.4480. Buy positions are only recommended above 1.4729
Graham Osano
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