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GBP/USD Technical Analysis For 11Th September 2015, H4

11 September 2015, GBP/USD

Technical View:
GBP/USD currently trading with Bullish Bias. The pair successfully closed above the 38.2% fib level, but is current trading below the 50.0% fib level. As long as pair trades below the 50.0% fib level, long positions are ideal. Any movements above this fib level will signal further movements towards the upper side. However should the current wave rally downwards and close below the 38.2% fib level, short positions should be considered up to the 23.6% fib level.

Traders trading this pair should observe closely other pairs such as GBP/CAD, and GBP/HKD for positive correlation.These pairs have had a strong positive correlation of up to +0.95 during the previous business day, this correlation is expected to continue. Thus, only buy or sell the pair if at least half of these pairs are giving the same signal.

Trade Recommendations:

Wait for the current wave to rally downwards and close at the 38.2% fib level, then buy. Alternative buy above 50.0% fib level.

Graham Osano
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