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GBPUSD Elliot Waves Analysis For 24 December 2015

24 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 24 December 2015
Wave Analysis:
GBP/USD is currently trading with a bullish bias. The pair retraced upwards and even closed above the green trend line. Following this massive retracement, we are reluctant to go short unless the price closes below this green trend line. Otherwise we remain long with targets above 1.500. This pair should be traded alongside other pairs such as GBP/SGD, GBP/HKD, and CAD/HKD. These pairs are positively correlated and are thus expected to have a similar price action. Only buy or sell pound if all the other positively correlated pair are giving the same signal.

Trade Recommendation:

As long as the pair trades above the green trendline, remain long with targets above 1.500. In case the price close below the green trend line, then go short with targets below 1.472

Graham Osano
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