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GBPUSD Elliot Waves Analysis For 17 December 2015

17 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 17 December 2015
Wave analysis:
GBP/USD is currently trading with a bearish bias. The pair traded short and closed below a very significant level 1.5029 but could not reach the lower green support trend line. We will remain short with our target along this supportive trend line, ideally, wave (5) should close right below wave (3). This pair should be traded alongside other positively correlated pairs such as GBP/CAD, GBP/AUD, GBP/CHF, and GBP/HKD. These pairs have a strong positive correlation of up to +0.85 and are thus expected to move in a similar direction. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with targets along the green supportive trend line.

Graham Osano
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