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GBPUSD Technical Analysis For 17th November 2015

17 November 2015, GBP/USD

Technical View:
GBP/USD is currently trading with a slight bearish bias.Assuming the level 1.5266 to be the end of wave (b), we expect wave (c) to close below the end of wave (a). Ideally, wave (c) should close along the lower supportive green trend line at around 1.4851. Traders trading this pair should observe other pairs such as GBP/SGD, GBP/HKD, AUD/USD and AUD/HKD for similar price movements. This pairs have a very strong strong positive correlation of up to +0.96, and are thus expected to move in a similar direction. Therefore, only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommedation:

Remain short in this pair but with an ultimate stop along the supportive trend line at 1.4851

Graham Osano
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