21 August 2015, GBP/USD
GBP/USD is trading with a bearish Bullish Bias.It is expected that the pair with trade on the higher ranges today. As can be seen, the pair perfectly corrected itself and bounced off from the its key level 1.56063. As long as the pair trades above the level 1.5647, long positions are recommended but with a stop at 1.5900. We expect a corrective wave from the level 1.5788 down to around 1.57177.
GBP/USD had a moderate positive correlation of +0.65 with EUR/USD, while with USD/JPY it had moderate negative correlation -0.68.
As long as the pair trades above the key level, long positions are recommended. In an alternative outlook, should the pair break below the support 1.5647, short positions are recommended with a stop at the support trendline
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