21 September 2015, GBP/USD
GBP/USD is currently trading with a bearish Bias. Assuming that wave (3) ended at 1.5656, we expect the current wave (4) to close above wave (2) (1.5334). If the latter is the case, then we expect a reversal of the downward trend at 1.5498. Traders trading this pair should observe other pairs such as NZD/CHF, USD/JPY, GBP/CAD, CHF/JPY, and AUD/CAD. These paits have had a strong positive correlation of up to +0.95, these level of correlation is expected to continue.
Wait for potential buy zone at 1.5498, or along the lower support trend line. Any movements below 1.5498 will signal further movements to the lower side even up to the support trend.