GBPUSD Elliot Waves Analysis For 5 May 2016 | 05 May 2016
05 May 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a bullish bias. Yesterday, the pair broke below the red supportive trend line but could not go below 1.4473. During this intraday, we expect the current upward rally to be a mere pullback to the upper side but should not go above 1.4640. A clear close above 1.46637 will push the price further to the upper side while a clear rebound from 1.4640-1.46637 will lead to a massive acceleration to the lower side but should not go below 1.4106. This pair should be traded alongside EUR/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.89 and will likely have a similar price action during this intraday.
If you are not short already, wait for the current upward pullback to rebound from the just crossed red trend line then go short. The anticipated short position should have a target at 1.44061 and 1.4106. Only Buy if the price endes up breaking above 1.46637. The but position should have a target at 1.467.
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.
