04 March 2016, GBP/USD
Wave Analysis:
GBPUSD is currently trading with a bullish bias. During the previous trading day, pound broke above a key resistant zone 1.4065-1.4079, and is currently trading just below the next resistant level 1.4206. Unless the price breaks out above 1.4220, expect a rebound from the zone 1.42065-1.4220. A clear rebound from this zone would mean looking for sell orders with targets at 1.4065 and 1.3854. A break out above 1.4220 would mean looking for long positions with an ideal target at 1.4395. Pound should be traded alongside EUR/JPY, GBP/HKD, GBP/JPY and NZD/JPY. 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 pair are giving the same signal
Trade Recommendations:
Unless the price breakout above 1.4220, expect a rebound from the zone 1.42065-1.4220 for you to sell with targets at 1.4065 and 1.3854. A break out above 1.4220 would mean looking for long positions with an ideal target at 1.4395.
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