01 September 2015, GBP/USD
GBP/USD is currently trading with a bullish Bias. The pair tested our key level 1.5369 but ended up closing above it. It is expected that, as long as the pair trades above this level, long positions are expected but only up to the now resistance trend line. Any movements above this trend line and also above the 38.2% fib level will signal further movements up to the 50.0% fib level or even to the next Resistance trend line. However, in case the price shift below and closes below the 1.5369, and then bounces of from it, then short positions are recommended.
We are currently waiting for the current wave to correct itself downwards to the 1.5369, thus, traders willing to buy this pair should do so at these level, however, as a caution also ensure that the US dollar is giving a clear sell signal at the same time GBP/USD is showing a buy signal. The two pairs are highly negatively correlated, they move exactly opposite one another.