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GBPUSD Elliot Waves Analysis For 10 June 2016

10 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 10 June 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. As previously forecasted, this pair broke below 1.4480-1.4468 and is still pretty much bearish. Although we still expect further movements to the lower side, we are waiting for minor upward retracements towards 1.4468 to give us low risk sell opportunities. This view remains valid as long as the resistance level 1.4480 is not violated, a break above this level will lead to a momentum to the upper side. This pair should be traded alongside GBP/JPY, and GBP/CHF. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendation:

Wait for minor upward retracements towards 1.4468 then go short with your target at 1.4406.

Graham Osano
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