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GBPUSD Elliot Waves Analysis For 7 January 2016

07 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 7 January 2016
Wave Analysis:
GBP/USD is currently trading with a very slight bullish bias. During the previous trading day. Pound traded short and ended up finding a support along the lower green trend line forming the bottom of the falling wedge. As along as this supportive trend line holds true as a strong support, we will be looking for long positions above it, in case of a clear breakout below it, we will be looking for short positions. Traders trading this pair should observe other pairs such as GBP/JPY, AUD/USD, and CAD/JPY. These pairs have a strong positive correlation of up to +0.86 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

As along as this supportive trend line holds true as a strong support remain long with targets at 1.4695 and the upper resistive red trend line.

Graham Osano
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