GBPUSD Elliot Waves Analysis For 21 December 2015
21 December 2015, GBP/USD
GBP/USD is currently trading with a bearish bias. Wave (5) traded short but is yet to reach our target of the green supportive trend line. We still expect further movements to the lower side for wave (5) to close along the green trend line at 1.484. This pair should be traded alongside other positively correlated pair such as GBP/AUD, GBP/CHF, and GBP/HKD. 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.
Remain short with your target along the green supportive trend line. In case of a clear bounce along this trend line, then go long with your targets along 1.4964.
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