GBPUSD Elliot Waves Analysis For 30 December 2015

30 December 2015, GBP/USD

GBPUSD Elliot Waves Analysis For 30 December 2015
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, wave (b) traded short as previously forecasted and ended up closing at 1.4793. The current upward movement is the unfolding of wave (c) and is expected to continue rallying upwards with targets along the upper resistive trendline.
This pair should be traded alongside other positively correlated pairs such as GBP/SGD, GBP/JPY, and GBP/AUD. These pairs have a strong positive correlation of up to + 0.85 and are thus expected to have a similar chart pattern.Only buy or sell Cable if all the other positively correlated pairs are giving the same signal

Trade Recommedation

As along as the pair trades above 1.4793, look for long positions with targets along the upper red, resistive trendline.

Graham Osano
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