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GBPUSD Elliot Waves Analysis For 22 June 2016

22 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 22 June 2016

Wave Analysis:

GBP/USD is currently trading with a declining upward momentum. As previously forecasted, the pair traded short as previously forecasted but could not close below 1.4623. We are waiting for a clear breakout below 1.4609 to give us the green light to continue to the lower side, however, as long as the pair trades above 1.4623 we expect an acceleration to the upper side but should not close above 1.4769. A break above 1.4769 will lead to further acceleration to the upper side. This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD, AUD/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 intrday.

Trade Recommendation:

Expect an acceleration to the lower side. Wait for a clear breakout below 1.4609, then go short with your ideal target at 1.4447 and 1.4210.

Graham Osano
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