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GBPUSD Elliot Waves Analysis For 14 January 2016

14 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 14 January 2016
Wave Analysis:
GBP/USD is currently with a bearish bias. During the previous trading day, Pound traded short and is yet to reach our daily support of 1.4348. We will hold on to our previously executed short position with our target at 1.4348, a close below 1.430 would mean we will be headed further short to our monthly support of 1.4224. This pair should be traded alongside other positively correlated pairs such as EUR/JPY, CAD/JPY, and AUD/CAD. These pairs have a strong positive correlation of up to +0.92 and are thus expected to have similar chart patterns. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

Remain short with a target at 1.4348, a close below 1.430 will mean we will continue short with an ultimate target at 1.4224

Graham Osano
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