GBPUSD Elliot Waves Analysis For 16 February 2016 | 16 February 2016

16 February 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 16 February 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. Almost a week ago, the pair tested 1.448 which is now a pivot level on the hourly chart. Currently, the pair is trading just above a significant support level 1.4358, and may likely go below it. Equally important is the fact that the intraday relative strength index is trading below its neutrality level of 50. Meaning, pound market will likely be headed short with an ultimate target at 1.4097. Only a close above 1.452 will call for long positions with our target at 1.4642. This pair should be traded alongside other positively correlated pairs such as NZD/USD, these pair have a strong positive correlation to pound of +0.94 and are thus expected to have a similar chart pattern with pound. Only buy or sell pound if the other pair is giving the same signal.

Trade Recommendation:

Go short below 1.439 with your target at 1.4097. Only buy above 1.4528 with your target at 1.4642.

Bob Stan
Agree with the review?
Traders' opinion:
Close
ปูมบันทึกอยู่ใน
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .
manager photo manager photo
Online-support
We will be pleased to answer any questions you may have

Write

Get bonus