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GBPUSD Elliot Waves Analysis For 5 July 2016

05 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 5 July 2016
Wave Analysis:
GBP/USD is currently trading with a neutral bias to either sides. Yesterday, the pair retraced to the lower side but could not close below The support level 1.3226. This level is a strong level and unless it is broken with a big red candle, we will only be keen to look for potential reversal signals. In the meantime, we remain on the sidelines. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/USD and NZD/USD. These pairs have a strong positive correlation of up top +0.92 and will have a similar price action during this intraday

Trade Recommendation:

Remain flat for now, and wait for a clear reversal signal to go long with an ideal target at 1.3676.

Graham Osano
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