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GBPUSD Elliot Waves Analysis For 8 June 2016

08 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 June 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. As previously anticipated, this pair broke above 1.4542, headed long but is yet to reach our target 1.4660, this trend is bullish as long as this pair trades above 1.4542. The anticipated bullish rally remains valid as long as the support level 1.4542 is not violated. A break below this level will lead to an acceleration to the lower side but should not go below 1.4406. This pair should be traded alongside GBP/JPY, GBP/CHF, and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will move in a similar direction during this intraday.

Trade Recommendations:

As long as the pair trades above 1.4542, remain long with your target at 1.4660 and 1.4706. sell positions are only recommended below 1.4542 with an ideal target at 1.4406.

Graham Osano
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