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GBPUSD Elliot Waves Analysis For 20 June 2016

20 June 2016, GBP/USD

Wave Analysis:
GBP/USD is currently trading with a declining upward momentum. Earlier today, the pair gapped up into a our resistance line 1.4623 and is currently headed to the lower side. We expect to continue short but only up to 1.4447. A clear breakout below this target will push the price further to the lower side but should not go below 1.4051 during this intraday. A clear breakout above 1.4623 will lead to an acceleration to the upper side but should not go above 1.4769. This pair should be traded alongside GBP/JPY, GBP./CHF, AUD/USD, USD/JPY and EUR/USD. 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 for now but only up to 1.4447. A clear breakout above 1.4623 will call for long positions with an ideal target at 1.4623..

Graham Osano
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