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GBPUSD Elliot Waves Analysis For 8 January 2016

08 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 January 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, pound traded short and closed below the supportive green trend line but ended up finding a support at 1.4565. We expect the current upward movement to continue long with targets at 1.4695 or even higher to the red resistive trend line. Traders trading this pair should observe closely other pairs such as GBP/JPY, EUR/JPY, and EUR/USD. These pairs have a strong positive correlation of up t +0.96 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 Recommendation:

Remain long with targets at 1.4695 or even higher to the red resistive trendline.

Graham Osano
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