Start
trading

Main >
Analytics
>
Fresh forecast
>
Elliott waves analysis
>
GBPUSD Elliot Waves Analysis For 31 May 2016

GBPUSD Elliot Waves Analysis For 31 May 2016 | 31 May 2016

31 May 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 31 May 2016

Wave Analysis:

GBP/USD is currently trading with a strong bullish bias. Yesterday, the pair traded short as previously forecasted but ended up closing a few pips from our first target 1.4575. Currently, this pair is pretty much bullish and may break above 1.4706, but should not close above 1.4818. In the meantime, we are waiting for a clear breakout above 1.4729 to give us the green light to continue to the upper-side. This view can only be invalided should the price end up rebounding from 1.4729. A rebound from this resistance level will lead to an acceleration to the lower side but should not go below 1.4480. This pair should be traded alongside GBP/CHF, and GBP/JPY. These pairs have a strong positive correlation and will thus have a similar price action during this intraday.

Trade Recommendations:

As long as the the level 1.4706 protects the upper side, expect a possible rebound from this level to go short with your target at 1.4480. A breakout above 1.4729 will mean looking for long positions with an ideal targets at 1.4818.

Bob Stan
Agree with the review?
Traders' opinion:
Close
Log in

Show password

Hide password

 Forgot password?
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .

Our best awards:

FreshForex is a brand that provides access to online trading for clients from more than 158 countries all over the world. The Company's partners are the licensed European liquidity providers, banks, payment aggregators and systems with which the company has been cooperating for more than 19 years.
Clients must be at least 18 years old to use the services of the Company.
The company's services and information on the site are not intended for citizens and residents of some countries, such as Belgium, China, North Korea, France, Hong Kong, Russian Federation, Spain, Great Britain, USA, and also countries identified by the FATF as high-risk countries or countries with serious AML/CFT deficiencies; countries or regions that are under international sanctions. A complete list is available on the "Countries where the company's services are not provided" page. The Company does not have representative offices in the Russian Federation and does not register clients from the Russian Federation.
Risk Warning: Trading financial instruments with leverage carries high risks and can result in both profits and losses. Potential losses are limited by the deposit amount. Before deciding to trade, the client should assess their risk tolerance, experience, and knowledge level.

Freshforex.com uses cookies for better website operation, traffic flow analysis, and personalization. By using this website you agree to our Cookie Policy.
User Data privacy is protected in accordance with GDPR. The SSL certificate installed on the website transfers the information over a secure protocol.
The site contains links to websites of third parties. The Company does not check or control the third-party resources that are in any way related to the FreshForex site, so the Company is not responsible for any third-party information or materials posted.
By creating a link to a third party website, the Company does not endorse or recommend any products or services offered by the third party.
The website content is intended for informational purposes only. It should not be regarded as an offer or solicitation to any person in any jurisdiction in which such an offer or solicitation is not authorized. It also should not be considered as an offer/solicitation to any person to whom it would be unlawful to make such an offer or solicitation, nor regarded as a recommendation to buy, sell or otherwise deal with any particular currency or any other trading asset investment. If you are not sure about your local trading regulations, please, leave this website immediately.
© 2004—2024 FreshForex – Forex broker
Reproduction of the contents is allowed only with active hyperlink to original source.
Riston Capital Ltd (20623 BC 2012) with registered address at Suite 305, Griffith Corporate Centre, Beachmont, P.O. Box 1510, Kingstown, Saint Vincent and the Grenadines.