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GBPUSD Elliot Waves Analysis For 9 Dec 2015

09 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 9 Dec 2015
Wave analysis:
GBPUSD is currently trading with a slight bullish. The pair traded short as previously forecasted and even went below our key support level 1.50292. The current upward movement is just a corrective move towards 1.50292 before we continue short. Ideally, wave (5) will continue short which should target the green supportive trend line, or even below. This view can only be challenged should the price end up closing above 1.50343, this will call for long positions. This pair should be traded along side other positively correlated pairs such as GBP/HKD, and EUR/CHF. These pairs have a strong positive correlation of up to +0.77 and are thus expected to move in a similar direction

Trade Recommendation:

As long as the pair trades below 1.50292, remain short with targets along the green support trend line forming the bottom of the falling wedge.

Graham Osano
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