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GBPUSD Elliot Waves Analysis For 11 July 2016

11 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 11 July 2016

Wave Analysis:
GBP/USD is currently trading with a declining bullish bias. During the previous trading day on 8th July 2016, instead of going short a previously forecasted, the pair retraced to the upper side but is likely to continue short during this intaday. Thus, we expect a possible bearish price movements towards 1.245 or even below. Ideally, the anticipated downward rally should be the continuation of wave (c) and may end below 1.245. This pair should be traded alongside GBP/JPY, GBP/CHF, and USD/JPY. These pairs have a strong positive correlation of up to +0.96 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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