GBPUSD Elliot Waves Analysis For 7 June 2016 | 07 June 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Earlier today, the pair made a marginal higher high but ended up closing below 1.4545. We still expect further movements to the upper side, but in the meantime, we are waiting for a clear breakout above 1.4545 to give us the green light to continue long with our first target at the previous higher high (1.4660) and the next target at 1.4729. This pair should be traded alongside GBP/CHF, GBP/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with your target at 1.4660. Short positions are only recommended upon a clear rebound from 1.4545 or below 1.4480.