GBPUSD Elliot Waves Analysis For 24 March 2016 | 24 مارس 2016
24 مارس 2016, GBP/USD
Wave Analysis:
GBPUSD is currently trading with a bearish bias. During the previous intraday, pound traded perfectly short as previous forecasted and ended up rebounding from the zone 1.4079-1.4059. In the meantime, we sit on the sidelines and wait for a clear break below 1.4059 for us to continue short with our target at 1.385. A clear rebound from this zone will mean looking for long positions with our target at 1.4270. This pair should be traded alongside EUR/USD. These pairs have a strong positive correlation of up to +0.89 and will thus likely move in a similar direction during this intraday. Only buy or sell Pound if the other positive correlated pair is giving the same signal.
Trade Recommendations:
Conservative traders should wait for a clear breakout below 1.4059 to go short with their target at 1.385. A clear rebound from the zone 1.4079-1.4059 would mean looking for long positions with our ultimate target 1.4270. If the price rebounds from this zone, then its wise to wait for a break above 1.4176 to confirm the anticipated upward rally.
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.
