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GBPUSD Elliot Waves Analysis For 2 June 2016

02 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 2 June 2016

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair traded short and even hit our target 1.4406 but is currently retracing to the upper side. This pair is still pretty much bearish and may head further to the lower side. Thus, during this intraday, we are very reluctant to go long, instead, we wait for the current upward retracements to end along 1.4468 for us to go short with ideal target at 1.4106. This pair should be traded alongside GBP/CHF, GBP/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.95 and will likely have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for the current upward retracement to end along 1.4468 then go short with your ultimate target at 1.4106.

Graham Osano
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