GBPUSD Elliot Waves Analysis For 15 December 2015

15 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 15 December 2015
Wave Analysis:
GBP/USD is currently trading with bullish bias. The pair traded short as previously forecasted but could not close below the red trend line. During this intraday, we expect Pound to trade in the higher ranges above this red diagonal support as long as it trades above it. Any clear movements below this trend line will call for short positions with targets at 1.5029 and the green trend line. This pair should be traded alongside other pairs such as GBP/JPY, GBP/HKD, and GBP/CHF. These pairs have a strong positive correlation of up to +0.85 and are thus expected to have a 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 above the red trend line, look for buy positions with targets at 1.5232, and the next target at 1.5336

Graham Osano
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