GBPUSD Elliot Waves Analysis For 19 January 2016

19 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 19 January 2016
Wave Analysis:
GBP/USD is currently trading in an overall downtrend. During the previous trading day, pound traded short and ended up finding a support at 1.4241. Since the previous daily candle was pretty much bearish, we will be headed short with an ultimate target at 1.3485. Traders trading this pair should observe closely other pairs such as GBP/CHF, NZD/CHF, and NZD/USD. These pairs have a strong positive correlation of up to +0.91 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pair are giving the same signal.

Trade Recommendations:

Remain short with an ultimate at 1.3485

Graham Osano
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