GBPUSD Elliot Waves Analysis For 12 January 2016

12 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 12 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, wave (5) headed further short and even closed below our unexpected level 1.4530. Following this downward movement on both the daily and weekly charts, we will be keen to look for further short positions since from the current chart setups, Pound will likely be headed short. This pair should be traded alongside other pairs such as GBP/JPY and EUR/JPY. These pairs have a strong positive correlation of up to +0.98 and are thus expected to have a similar price patterns. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

As long as Pound trades below 1.4530, look for further short positions with an ultimate target 1.3504

Graham Osano
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