GBPUSD Elliot Waves Analysis For 31 December 2015
31 December 2015, GBP/USD
GBPUSD is currently trading with a bearish bias. For the past few months, pound has made lower lows but not closing below the lower green supportive trend line. We are waiting for a clear close below the green trend line to go short with our focus on 1.4704. But as long as the pair trades above this green trend line, we will look for long positions with targets above 1.4997. This pair should be traded alongside other positively correlated pair such as GBP/HKD, EUR/USD and GBP/SGD. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have a similar price action.
Wait for a clear close below the diagonal support trend line, then go short with targets along 1.4704. However, as long as the pair trades above green trend line, look for long positions with targets above 1.4799
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