manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

GBPUSD Elliot Waves Analysis For 6 June 2016

06 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 6 June 2016
Wave Analysis:
GBP/USD is currently trading with bearish bias. Earlier today, the pair gapped down and opened below a significant support level 1.4468, headed short and even broke below the next support level 1.4406. We expect the just broken support level 1.4395 to act as a resistance to any upward rally, thus, as long as the level 1.4395 holds true as a strong Resistance level, we expect an acceleration to the lower-side but should not close below 1.4304. However, in case the price close above 1.44061, then we expect a momentum to the upper side and may close above 1.4480. This pair should be traded alongside EUR/GBP, and GBP/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.44061 remain short with your target at 1.4304, a clear break above 1.44061 will mean looking for long positions with your target at 1.4480 and the next target at 1.4545.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

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 .