GBP/USD Analysis

General overview for 14/03/2016:

The corrective cycle for wave 4 is still in progress and so far only the a wave of the overall cycle had been made. The next wave is the wave b that should re-test 50%Fibo at the level of 1.4151 before the next impulsive leg will develop. The projected target for wave 4 is at the level of 1.4666, but this corrective cycle might evolve into more complex and time consuming pattern.

1.4666 – Projected Target for Wave 4
1.4643 – WR2
1.4537 – WR1
1.4325 – Weekly Pivot
1.4216 – WS1
1.4151 – 50%Fibo

Trading recommendations:
Daytraders should buy the dips in this market while the wave b is in progress with SL below the level of 1.4150 and TP at the level of 1.4666.

About the author

Sebastian Seliga

Aktywny trader, analityk, ekspert metod inwestycyjnych bazujących na teorii fal Elliott'a, geometrii Fibonacciego i nie tylko.

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