GBPUSD Elliot Waves Analysis For 28 December 2015
28 December 2015, GBP/USD
GBP/ USD is currently trading with a bearish bias. We expect wave (b) to continue short probably up to 1.4662, or even lower to 1.48065. Ideally, we anticipate that the current upward rally is a three wave cycle with wave (c) starting 1.48065, and ending along the upper resistive trendline. This pair should be traded along side other pairs such as GBP/HKD and AUD/USD. This pairs have a very strong positive correlation of up to +0.95 and are thus expected to have a similar price pattern. Only buy or sell Pound if all the other positively correlated pairs are giving the same signal.
Sell from 1.4965, with targets below 1.4662. Then buy from 1.48065, with targets above 1.4965.
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