01 March 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, pound rebounded off from the lower supportive trend line, headed long, but is yet to reach our target of the upper restive trend line. During this intraday, expect further movements towards this upper trend line from where we’ll look for sell positions with an ultimate target at 1.377. A clear break above the upper trendline would mean we are headed further long with our ultimate target at 1.4614. Pound should be traded alongside GBP/CAD, and GBP/AUD. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Trade Recommendations
Remain long but only up to the upper restive trend line, a clear break above this trend line would mean we are headed further long with an ultimate target at 1.4614. Any clear rebound from this trend line would mean looking for short positions with your target at the 1.377
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