10 September 2015, GBP/USD
GBP/USD is currently trading with a slight bearish Bias. The pair hit the 38.2% fib level, but then bounced off and ended up closing below a key area 1.5369, and 1.5365. As long as the pair trades below this level, sort positions are ideal, any movements above the range 1.5369, and 1.5365 will signal further movements to the upper side. Traders trading this pair should observe closely other GBP pairs such as GBP/CHF, and GBP/JPY for positive correlation. These pairs had a strong positive correlation of up to +0.95, thus, they are expected to move in the same direction. Only buy/ Sell GBP if all the three are giving the same signal. Trade Recommendations:
If you haven't sold the pair already, wait and sell below 23.6 % fib level, having stops at 1.5188. In an alternative scenario, should the price end up close above 1.5369, then long positions should be considered but only upto 50.0% fib level and also the resistance trend line.