manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

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
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .