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GBPUSD Elliot Waves Analysis For 21 January 2016

21 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 21 January 2016
Wave Analysis:
GBP/USD is currently trading with a slight bullish bias. We are waiting for a clear break out above 1.4264 to mark the end of the downward trend. Otherwise, in case of a clear break out below 1.4148, we will be headed short with an ultimate target at 1.3492. This pair should be trade alongside other positively correlated pairs such as GBP/CHF, GBP/JPY, CAD/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price pattern. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation.

Wait for a close below 1.4148, then well with a target along 1.3492. Only buy above 1.4264 with a target at 1.5674.

Graham Osano
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