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GBPUSD Elliot Waves Analysis For 23 June 2016

23 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 23 June 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, just as in Euro, instead of going short, the cable broke above 1.4691 headed long and is still pretty much bullish. We expect the current downward rally to be a mere retracement and should not go beyond 1.4694. Thus, during this intraday, we expect an acceleration to the upper side and may break above 1.4932. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/USD, and AUD/USD. These pairs have a similar price action and will have a similar price action during this intraday.

Trade Recommendations:

Wait for the current downward retracement to end around 1.4555 or even lower to 1.4694 then go long with your ideal target at 1.4932.

Graham Osano
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