Log in

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
See also:
Agree with the review?
Traders' opinion:

Do you have any suggestions to make our website better? Have you noticed an error on the site? Tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with rendering Personal area. How to enable cookie support.