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GBPUSD Elliot Waves Analysis For 14 July 2016

14 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 14 July 2016

Wave Analysis:

GBP/USD is currently trading with a slight bullish bias. During the previous trading day, the cable traded short and ended up forming a possible bearish reversal candle on the daily chart. During this intraday, we anticipate a possible bearish price rally towards 1.3050 or even lower to 1.2797. The current upward rally is a mere retracement and should not close above 1.3344. This pair should be traded alongside GBP/JPY, GBP/CHF, USD/CHF, and AUD/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendation:

Remain short with an ultimate target at 1.3344

Graham Osano
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