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GBPUSD Elliot Waves Analysis For 13 January 2016

13 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 13 January 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, pound traded short and ended up being exhausted at 1.442, with a low of 1.4349. Following this exhaustion, the pair is currently making an upward pullback towards 1.451, a clear break above 1.453 will mean we will be headed further long to 1.460. But as long as 1.451 holds true as a strong resistant level, we will be keen to look for short positions with an ultimate target at 1.4349. This pair should be traded alongside other pairs such as GBP/JPY, GBP/CHF, and EUR/JPY. These pairs have a strong positive correlation of up to +0.94 and are thus expected to have a similar price action. Thus, only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain Long with a target at 1.451, in case of a clear break above 1.453, then look for further long positions with targets above 1.46. In case of a bounce at 1.451, then sell from 1.451 with targets below 1.4349

Graham Osano
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