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GBPUSD Elliot Waves Analysis For 18 December 2015

18 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 18 December 2015
Wave Analysis:
GBP/USD is currently trading with a slight bullish bias. Wave (5) traded perfectly short as previously forecasted but could not reach our target of the green supportive trend line. We are waiting for the current upward pullback to close along 1.4928 before we continue short with targets along the lower green trend line. Any clear movements above 1.4959 will call for long positions, with a target at the red resistive trend line. Pound should be traded alongside other positively correlated pairs such as GBP/HKD, EUR/USD, and GBP/CHF. These pairs have a strong positive correlation of up to +0.85 and are thus expected to have the same price action. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Wait for the current upward pull back to close along 1.4928, then sell with your targets along the green trend line.Any clear movements above 1.4959 will call for long positions with targets along the red resistive trend line.

Graham Osano
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