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GBPUSD Elliot Waves Analysis For 4 July 2016

04 July 2016, GBP/USD

Wave Analysis:
GBP/USD is currently trading with a bearish bias. This pair continues to make lower lows even as gold and EUR/GBP make higher highs. During this intraday, we still expect further bearish price movements towards 1.3226. A break below this target will lead to a momentum to the lower side while a clear rebound from 1.3226 will lead to a possible reversal to the upper side. This pair should be traded alongside GBP/JPY, EUR/USD, and AUD/USD . These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short but only up to 1.3226. Alternatively wait and sell upon a clear breakout below 1.31126

Graham Osano
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