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GBPUSD Elliot Waves Analysis For 3 June 2016

03 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 3 June 2016

Wave Analysis

GBP/USD is currently trading with a slight bullish bias. Yesterday, the pair traded perfectly short as previously forecasted but could not close below 1.4395, we expect further movements to the lower side but only after a clear break below 1.4395, as long as the zone 1.4406-1.4395 protects the lower side, we expect a possible rejection from this zone. If the latter is the case then we expect an acceleration to the upper side but should not close above 1.4729. This pair should be traded alongside GBP/JPY, and GBP/CHF. These pairs have a strong positive correlation of up to +0.75 and will likely have a similar price action during this intraday.

Trade Recommendations:

As long as the zone 1.4406-1.4395 protects the lower side, expect a possible rebound from this zone to go long with your ideal targets at 1.4575 and 1.4729. A clear break below 1.4395 will call for short positions with an ideal target at 1.4304.

Graham Osano
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