GBPUSD Elliot Waves Analysis For 11 December 2015

11 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 11 December 2015
Wave Analysis:
GBP/USD is currently trading with a bearish bias. The pair successfully closed below the red trend line forming the bottom of the falling wedge and is now trading below it. We still anticipate further downward movement for wave (5) to close along the green trendline at 1.4869. This pair should be traded alongside other positively correlated pairs such as GBP/JPY, GBP/HKD, EUR/JPY and GBP/NZD. These pairs have a very strong positive correlation of up to +0.85 and are thus expected to have similar price action. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:

As long as the pair trades below the red trend line, we remain short with targets at 1.502 and the green trend line.

Graham Osano
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