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GBPUSD Elliot Waves Analysis For 5 January 2016

GBPUSD Elliot Waves Analysis For 5 January 2016 | 05 January 2016

05 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 5 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, the price crossed below the supportive trend line and is currently trading below it. As long as the price trades below this level, we are short with targets below 1.466, otherwise we will be long with ultimate targets above 1.4814. This pair should be traded along side other pairs suh as GBP/JPY, GBP/AUD, and EUR/AUD. These pairs have a strong positive correlation of up +0.95 and are thus expected to have a similar chart pattern. Only buy or see pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

As long as the price trades below the green immediate trend line, look for short with targets below 1.466,

Bob Stan
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