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GBPUSD Elliot Waves Analysis For 22 December 2015

22 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 22 December 2015
Wave Analysis:
GBP/USD is currently trading with a bearish bias. The pair traded short as previously forecasted but could not reach our target of the green supportive trend line. Following the previous massive downward movements, we are very reluctant to go long, instead, we will remain short with our targets along the green trend line or even below to 1.473. This pair should be traded alongside other pairs such as GBP/HKD, GBP/JPY, GBP/AUD, and GBP/SGD. These pairs are strongly positively correlated to one another and are thus expected to have a similar price action. Only buy or sell cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with targets along the green trendline or even below to 1.473

Graham Osano
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