GBPUSD Elliot Waves Analysis For 14 December 2015

14 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 14 December 2015
Wave Analysis:
GBP/USD is currently trading with a bullish bias. After closing within the red diagonal resistant line, the pair again crossed and closed above it, this is a clear sign that pound will trade on the higher ranges above this trend line during this intraday. Therefore, as long as the pair trades above this trend line, we will look for long positions. We will however wait for a corrective move downwards towards this red trend line before we continue long. Any clear movements below this trend line may challenge this perception.

Trade Recommendation.

As long as the pair trades above this trend line look for long positions with targets at 1.5295 and the next target at 1.5338.

Graham Osano
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