GBPUSD Elliot Waves Analysis For 16 March 2016 | 16 مارس 2016
16 مارس 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a very strong bearish bias. During the previous trading day, pound rebounded from 1.4395 and is currently headed perfectly short. We are waiting for a clear break below 1.4065 to mark the continuation of the downward rally with our target at 1.3831. A clear rebound from this level will call for long positions with our target at 1.4395. Pound should be traded al;ongside, TRY/JPY, and GBP/JPY. These pairs have a strong positive correlation of up to +0.85 and will thus likely to have a similar chart set ups. Only buy or sell Pound if all the other positively corelated pairs are giving the same signal.
Trade Recommendations
We are waiting for a clear break below 1.4065 to mark the continuation of the downward rally with your target at 1.3831. A clear rebound from this level will call for long positions with our target at 1.4395
The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
