GBPUSD Elliot Waves Analysis For 21 June 2016 | 21 Juni 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the pair gapped up into our resistance level 1.47057 but could not close above it. We are waiting for a clear breakout above 1.4726 to mark the continuation of the upward trend, while a clear rebound from the zone 1.4694-1.47057 will lead to an acceleration to the lower side but should not go beyond 1.4368. This pair should be traded alongside NZD/USD, GBP/JPY, GBP/CHF, AUD/USD and AUD/JPY. These pairs have a strong positive correlation and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.47057, look for short positions with an ideal target at 1.4579 and the next target at 1.4450. A clear breakout above 1.4726 will mean looking for long positions with an ideal target at 1.4815.