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GBPUSD Technical Analysis For 4 Dec 2015

04 December 2015, GBP/USD

GBPUSD Technical Analysis For 4 Dec 2015
Technical View:
GBP/USD is currently trading with a bullish bias. The pair ended up closing within the falling wedge and headed perfectly long as previously forecasted. Due to the just witnessed massive upward movements, we are very reluctant to go short at the moment, We will remain long with targets at 1.51893, and 1.5238. As long as other pairs such as GBP/HKD, and GBP/JPY, shows the same signal, we choose to remain long. These pairs have a strong positive correlation of up to +0.96 and are thus expected to move in a similar direction.

Trade Recommendation:

Remain long with targets at 1.51893, and 1.5238. This move can only be challenged should the price go below 1.50987.

Graham Osano
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