GBP/USD Technical Analysis For 2nd September 2015, H4
02 September 2015, GBP/USD
GBP/USD is currently trading with a bearish bias. The pair broke down below a key level 1.5390 and is currently trading below it. It is anticipated that, as long as the pair trades below this level, short positions are recommended. However, should the current wave correct itself upwards and close above the level 1.5390, then long positions are recommended but only upto the 23.6% fib level.
If you haven't bought the pair already, then wait for the current wave to correct itself upwards only up to 1.5390, then sell at that point. As a caution, below selling at this level, ensure that NZD/USD is also showing a sell signal. The two pairs are positively moderately correlated (+0.65).
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