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GBPUSD Elliot Waves Analysis For 22 January 2016

22 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 22 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded short but found a support at 1.41005, went long but could not close above a key resistant level 1.4241. We are waiting for a clear close above 1.4248 to continue long with an ultimate target at 1.4419, otherwise, we will hold on to short positions with our target at 1.41005 or even lower to 1.3784. This pair should be traded alongside other pairs such as GBP/JPY, EUR/JPY, NZD/USD, and ZAR/JPY. 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 pound if all the other positively correlated pairs are giving the same signal.

Trade Recommendation:

As long as cable trades below 1.4248, remain short with your targets at 1.4100 and 1.3784

Graham Osano
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