manager photo
Ask a question
We will be pleased to answer any questions you may have
Write Call
Close
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:
Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .