GBPUSD Elliot Waves Analysis For 6 June 2016 | 06 June 2016
06 June 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with bearish bias. Earlier today, the pair gapped down and opened below a significant support level 1.4468, headed short and even broke below the next support level 1.4406. We expect the just broken support level 1.4395 to act as a resistance to any upward rally, thus, as long as the level 1.4395 holds true as a strong Resistance level, we expect an acceleration to the lower-side but should not close below 1.4304. However, in case the price close above 1.44061, then we expect a momentum to the upper side and may close above 1.4480. This pair should be traded alongside EUR/GBP, and GBP/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades below 1.44061 remain short with your target at 1.4304, a clear break above 1.44061 will mean looking for long positions with your target at 1.4480 and the next target at 1.4545.
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