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GBPUSD Elliot Waves Analysis For 7 Dec 2015

07 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 7 Dec 2015
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day on Friday, Pound traded long but could not close above the falling wedge. Instead it closed with wave (4) at 1.5159. We expect the current downward movement to unfold towards 1.5027, and lower to the trend line, forming the bottom of the falling wedge. Any clear cross below 1.5027 will call for short positions with targets below wave (3), along the lower trend line. Traders should trade this pair along side other positively correlated pairs such as GBP/HKD, EUR/JPY and EURUSD. only buy or sell Pounds if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with targets below 1.5027, or even further to the bottom trendline.

Graham Osano
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