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GBP/USD Technical Analysis For 14Th September 2015, H4

GBP/USD Technical Analysis For 14Th September 2015, H4 | 14 September 2015

14 September 2015, GBP/USD

Technical View:

GBP/USD is currently trading with a slight bearish Bias. The has continually made lower highs, we anticipated a breakout above for wave (c) unfortunately the market contained it the wave and therefore it ended up rallying downwards. It is expected that, as long as the pair remains between the upper resistance trend line and the immediate support trend line, short positions are ideal. The current corrective move should move upwards but only up to the resistance trend line before making another lower higher.

Traders trading this pair should observe closely other pairs such as AUD/USD, AUD/HKD, AUD/JPY, AUD/USD, CHF/JPY, EUR/JPY, GBP/CAD, GBP/HKD, NZD/JPY and SGD/HKD. For the past few months, these pairs have had a very strong positive correlation with GBP/USD of up to + 0.96. This positive correlation is expected to continue. Thus, only buy or sell GBP/USD, if more than half of these pairs are giving the same signal.

Trade recommendations:

As long as the pair remains between the upper resistance trend line and the immediate support trend line, short positions are ideal. The current corrective move should move upwards but only up to the resistance trend line before making another lower higher.

Bob Stan
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