manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
QIWIInstant top-up
Log in

GBPUSD Elliot Waves Analysis For 30 June 2016

30 June 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 30 June 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Gold and Yen maintain “safe heaven” status. Although the cable has gained around 2% of the amount it lost during the Brexit results release, we still expect further downward rally but only upon a clear breakout below 1.3375. As long as the pair trades above 1.3375 we expect a possible bullish price movements to the upper side. A clear breakout below 1.3375 will culminate into a momentum towards 1.32. This pair should be traded alongside NZD/USD, AUD/USD and GBP/JPY. These pairs have a strong positive correlation of up to +0.82 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.3375, expect a possible rebound from this level to go long with an ideal target at 1.3831. Sell positions are only recommended below 1.3375 with an ideal target at 1.32.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.