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GBPUSD Elliot Waves Analysis For 8 July 2016

08 July 2016, GBP/USD

Wave Analysis

GBP/JPY is currently trading with bearish bias. As forecasted, the pair traded short during the previous trading day and is still pretty much bearish on the daily chart. We still expect further momentum to the lower side for wave [c] to close around 1.245 or even lower. This pair should be traded alongside GBP/CHF, EUR/USD, EUR/JPY and AUD/JPY. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price movements towards 1.245.

Graham Osano
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