GBPUSD Elliot Waves Analysis For 25 January 2016

25 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 25 January 2016
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded long and ended up finding a resistant along 1.4353, we are waiting for a close above 1.4373 to mark the continuation of the upward thrush but with our targets at 1.4508 and 1.4658. In an alternative case scenario, a close below 1.4238 would mean we are headed further short with wave (5) but with an ultimate target at 1.4109. This pair should be traded alongside other pairs such as GBP/JPY, GBP/CHF, GBP/SGD, SGD/HKD andGBP/SGD . These pairs have a strong positive correlation of up to +0.90 and are thus expected to have a similar price movements. Only buy or sell pound if all the other positive correlated pairs are giving the same signal.

Trade Recommendations:

Buy above 1.4373, with your targets at 1.4508 and 1.4658. Sell below 1.4238 with your targets at 1.4109

Graham Osano
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