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GBPUSD Elliot Waves Analysis For 12 July 2016

12 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 12 July 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. The cable continues to retrace to the upper side, we expect the current upward rally to be a mere retracement and should not go beyond 1.3491. Thus, during this intraday, we anticipate a possible bullish price rally towards 1.3224 or even higher to 1.3491. This pair should be traded alongside EUR/USD, GBP/CHF, GBP/JPY, EUR/JPY and AUD/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:

Remain long with you first target at 1.3324. A breakout above this target will call for further long positions with an ideal target at 1.3491.

Graham Osano
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