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GBPUSD Elliot Waves Analysis For 13 June 2016

13 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 13 June 2016

Wave Analysis
GBP/USD is currently trading with a bearish bias. As previously forecasted, the cable broke below 1.4406, headed short and even hit our targets at 1.4304, 1.4193 and 1.4193. The cable is still pretty much bearish and may head further to the lower side, thus during this intraday, we will be keen to look for potential sell positions with our target at 1.4033. In the meantime, we remain short and wait for a clear beak below 1.4178 to confirm the continuation of the downward trend. This pair should be traded alongside GBP/CHF, EUR/USD and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with your first target at 1.4033. A break below this target will push the price further to the lower side. while a rebound from 1.4193 will lead to an acceleration to the upper side

Graham Osano
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