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GBPUSD Elliot Waves Analysis For 8 Dec 2015

08 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 8 Dec 2015
Wave Analysis:
GBP/USD is currently trading with a bearish bias. the pair traded short as previous forecasted but wave (5) is yet to reach our target, the green support trend line. We are waiting for a close just below 1.5026 to confirm the continuation of the downward trend. This pair is strongly positively correlated to GBP/HKD, and is strongly negative correlated to USD/CHF, therefore, only buy/ sell when pounds is giving the same signal. And only sell or buy when USD/CHF is giving the exact opposite signal.
Trade Recommendation:

Wait for a close just below 1.5026, then sell with target below 1.4893.

Graham Osano
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