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GBPUSD Elliot Waves Analysis For 1 June 2016

01 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 1 June 2016
Wave Analysis:
GBP/USD is currently trading with a slight bullish. Earlier today, the pair traded short and even broke below our two short terms targets 1.4543 and 1.4480. The level 1.4480 is a strong level and may protect the lowerside, but in case of a clear break below this it, then we expect further rally to the lower side but should not close below 1.4106. this pair should be traded alongside GBP/CHF, EUR/USD and GBP/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday
Trade Recommendations:

As long as the level 1.4480 protects the lower side, expect a rebound from this level to go long with your target at 1.4543. A break below 1.4468 will mean looking for short positions with your targets at 1.4406 and 1.4304

Graham Osano
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