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GBPUSD Elliot Waves Analysis For 27 June 2016

27 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 27 June 2016

Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day on 24th June 2016, the cable reacted negatively to Brexit, headed bearish and may head further to the lower side. Earlier today, the pair gapped down into our objective support 1.3375 but could not close below it. We are waiting for a clear breakout below 1.3347 to go short while as long as the pair trades above 1.3375, we expect an acceleration to the upper side. This pair should be traded alongside GBP/JPY, GBP/CHF, NZD/USD, AUD/USD, and GBP/HKD. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday.

Trade Recommendations

As long as the pair trades above 1.3375, look for long positions with an ideal target at 1.3831. A clear break below 1.3375 will call for sell orders with an ideal target at 1.3217.

Graham Osano
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