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GBPUSD Elliot Waves Analysis For 9 June 2016

09 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 9 June 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. As previously forecasted, the cable broke above 1.4542 but ended up closing below it. We expect the current downward rally to be a mere corrective rally to the overall upward trend and should not close below 1.4480. Thus, we are waiting for price to rebound from 1.4480 to give us low risk buy opportunities with an ideal target at 1.4660. This pair should be traded alongside GBP/CHF, and GBP/JPY. These pais have a strong positive correlation of up to +0.96 and will have a similar price action during this trading day.

Trade Recommendations:

Remain flat for now and wait for price to rebound from 1.4480 then go long with your target ideal target at 1.4660.

Graham Osano
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