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GBPUSD Elliot Waves Analysis For 27 January 2016

27 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 27 January 2016
Wave Analysis:
GBP/USD is currently trading with bullish bias. During the previous trading day, pound found a support at 1.421, headed long and even closed above 1.4251, we expect further movements to the upper side. We will thus remain long with our target at 1.4419. This pair should be traded alongside other pairs such as NZD/USD, USD/JPY, NZD/JPY, GBP/JPY and GBP/CHF. These pairs have a strong positive correlation of up to +0.89 and are thus expected to move in a similar direction. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:

Remain long with your target at 1.4419

Graham Osano
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