GBPUSD Elliot Waves Analysis For 29 December 2015
29 December 2015, GBP/USD
GBP/USD is currently trading with a slight Bearish bias. We still expect downward movements to the lower side for wave (b) to close along1.4862. Any clear movements above1.500 will call for long positions with targets along the upper red resistive trend line. Traders trading this pair should observe other pairs such as HKD/JPY for strong negative correlation, and GBP/HKD for a strong positive correlation of up to +0.86. The latter tends to move towards the same direction as pound. Therefore, only buy or sell pound, if the strongly positively correlated pair is giving the same signal.
As long as the price remains above 1.4964, remain long with targets above 1.500, as long as the price remains below 1.4862, remain short with targets below 1.4994
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