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GBPUSD Elliot Waves Analysis For 18 January 2016

18 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 18 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded short, and even crossed and closed below our daily support level 1.4347. During this intraday, we expect a minor pullback towards this level before we continue short with an ultimate target at 1.3454. This pair should be traded alongside other pairs such as EUR/JPY, CAD/JPY, AUD/USD, and CAD/CHF. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Wait for a minor pull back towards 1.4323, then sell with an ultimate target at 1.3454.

Graham Osano
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