15 June 2016, GBP/USD
Wave Analysis
GBP/USD is currently trading with a slight bullish bias. Just as in Euro, the cable traded short as previously forecasted, tested our target level 1.4129 but is currently rallying to the upper side. We expect the current upward rally to be a mere retracement and should not close above 1.4265. As long as the pair trades below 1.4265, any bearish candle on the 4hour chart will signal the reversal of the current upward pullback. Ideally, we expect to continue short during this intraday, but only upon a clear break below 1.4129. This pair should be traded alongside GBP/CHF, GBP/JPY, EUR/CHF and AUD/USD. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday.
Trade Recommendations:
Remain long but only up to 1.4265, a clear break below 1.4129 will call for short positions with an ideal target at 1.4033.
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