GBPUSD Elliot Waves Analysis For 28 January 2016

28 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 28 January 2016
Wave Analysis:
GBP/USD is currently trading with a very slight bearish bias. We are waiting for a clear break below 1.421 to continue short with our target at 1.4097, otherwise, we will be long with our target at 1.4419. This pair should be traded along side other positively correlated pairs such as GBP/JPY, GBP/CHF, AUD/JPY, and CAD/JPY. These pair have a strong positive correlation of up to +0.85 and are thus expected to have a similar price pattern . Only buy or sell pound if all the other other positively correlated pairs are giving the same signal.
Trade Recommendation:

Sell upon a clear break below 1.421 with your target at 1.4097. Only buy above 1.4253 with your target 1.4419.

Graham Osano
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