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GBPUSD Elliot Waves Analysis For 17 June 2016

17 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 17 June 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. Yesterday, wave (c) went a bit lower than expected and even closed below 1.4103, we expect the level 1.4281 to have marked the end of the three wave cycle with wave (c) ending at 1.4281. As long as the pair trades below 1.4281, we expect an acceleration to the lower side but should not close below 1.42036. This view holds true along as the resistance level 1.4281 is not violated, a break above this resistance level will lead to an acceleration to the upper side. This pair should be traded alongside NZD/USD, AUD/USD and GBP/USD. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.4281, look for short positions with you targets at 1.4203 and 1.4103. Buy positions are only recommended above 1.4281 with an ideal target at 1.4399

Graham Osano
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