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GBPUSD Elliot Waves Analysis For 28 December 2015

28 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 28 December 2015
Wave Analysis:
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.

Trade Recommendations:

Sell from 1.4965, with targets below 1.4662. Then buy from 1.48065, with targets above 1.4965.

Graham Osano
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