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GBPUSD Elliot Waves Analysis For 11 January 2016

11 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 11 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, Pound traded short and ended up closing below 1.4533, following a break below this low, we expect pound to continue further short. We will therefore be very reluctant to go long, instead, we will be keen to hunt for short positions with targets below 1.42. This pair should be traded alongside other pairs such as GBP/JPY, GBP/HKD, and GBP/CHF. These pairs have a strong positive correlation of up to +0.85 and are thus expected to have a similar chart patterns. Only buy or sell cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with targets below 1.42, only buy in case the price turn bullish, but with targets at 1.5032

Graham Osano
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