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GBPUSD Elliot Waves Analysis For 15 July 2016

15 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 15 July 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted and is still pretty much bullish. We wait for a clear breakout above 1.3491 to give us the green light to continue long towards 1.41199. A clear rebound from 1.3491 will culminate into a possible bearish price rally but should not go beyond 1.3226. This pair should be traded alongside GBP/CHF, and GBP/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendation:

Wait for a clear breakout above 1.3491 to go long with an ideal target at 1.41199. Sell orders are only recommended upon a clear rebound from 1.3491 with an ideal target at 1.3226

Graham Osano
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