GBPUSD Elliot Waves Analysis For 29 January 2016

29 January 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 29 January 2016
Wave Analysis:
GBP/USD is currently trading with a bullish bias. During the previous trading day, pound traded long but is yet to reach our target of 1.4419, we still expect further movements to the upper side for wave (c) to close at 1.4419 or even further to 1.4523. This pair should be traded alongside other positively correlated pairs such as EUR/JPY, CAD/JPY, CAD/CHF, AUD/JPY and AUD/CHF. These pairs are strongly positively correlated 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:

Remain long with targets at 1.4419 and 1.4523.

Graham Osano
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