GBPUSD Elliot Waves Analysis For 15 April 2016 | 15 April 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. During this intraday, a strong support is seen at 1.4062, while resistance levels are seen at 1.4193, 1.4289 and 1.44061. A clear breakout above 1.4193 will accelerate an upward rally towards 1.4289. However, as long as 1.4178-1.4193 protects the upper side, expect the price to trade on the lower ranges towards 1.4062. The Cable should be traded alongside GBP/CHF, AUD/USD and AUD/JPY. These pairs have a strong positive correlation of up to +0.89 and will likely move in a similar direction during this intraday. Only buy or sell GBP/USD if the other pairs are giving the same signal.

Trade Recommendations:

As long as the levels 1.4193-1.4193 protects the upper side, look for short positions with an ideal target at 1.4062. A clear breakout below 1.4045 will call for further short positions. Only buy if the price clearly close above 1.4193.