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GBP/USD Technical Analysis For 22nd September 2015, H1

22 September 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a bearish bias. Wave (3) ended at 1.5659 as previously forecasted. We now wait for wave (4) to end at the support trend line, any clear movements below the support trend line will signal further movement to the lower side. Traders trading this pair should also observe other pairs such as AUD/USD and GBP/HKD, the major pair and the exotic pair have had a very strong positive correlation with GBP/USD during the previous intraday, we anticipate that the same level of correlation will continue today.

Trade Recommendations:

Buy at the end of wave (4) along the support trend line, or sell below the support trend line.

Graham Osano
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