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GBPUSD Elliot Waves Analysis For 7 July 2016

07 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 7 July 2016

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. Yesterday, the cable made a lower low and may head further to the lower side. During this intraday, we expect to continue short with wave [c] towards 1.250. The current upward rally is a mere pullback and should not go beyond 1.3226. This pair should be traded traded alongside GBP/CHF, EUR/CHF and USD/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for the current upward pullback to end around 1.322 then go short with your target at 1.250.

Graham Osano
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