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GBPUSD Elliot Waves Analysis For 13 July 2016

13 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 13 July 2016

Wave Analysis

GBP/USD is currently trading with bullish bias. The cable continues to retrace to the upper side even as Gold and US Dollar Index pullbacks to the lower side. As long as Gold and US Dollar Index remains bearish, we expect a possible bullish price movements in pound towards 1.3421 or even higher to 1.4120. This pair should be traded alongside GBP/CHF, GBP./JPY, AUD/JPY, 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:

Expect a possible bullish price rally towards 1.3491 or even higher to 1.4120.

Graham Osano
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