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GBPUSD Elliot Waves Analysis For 15 January 2016

15 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 15 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, Pound tested the key level 1.4423, but ended up closing below it. As along as pound trades below this level, we will be keen to look for for short positions with targets at 1.4348 and 1.4231. This pair should be traded alongside other positively correlated pairs such as NZD/JPY, AUD/USD, AUD/CHF and CAD/JPY. These pairs have a strong positive correlation of up to +0.80 and are thus expected to have a similar chart pattern. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:

As long as the pair trades below 1.4423, look for for short positions with targets at 1.4348 and 1.4231.

Graham Osano
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