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GBPUSD Technical Analysis For 18th November 2015

18 November 2015, GBP/USD

GBPUSD Technical Analysis For 18th November 2015
Wave Analysis:
GBP/USD is currently trading with a bearish bias. Instead of heading short as previously forecasted, the pair crossed above 1.5171, and is currently just trading above it. We are waiting for a cross below 1.5171, and the immediate red lower trendline before we continue short with wave (c). Traders trading this pair should observe other pairs such as GBP/JPY, GBP/HKD, AUD/JPY and AUD/USD for similar price movements. Only buy or sell Pounds if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Sell below 1.5171 with targets at 1.4846 and 1.4585.

Graham Osano
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