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GBPUSD Elliot Waves Analysis For 18 July 2016

18 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 18 July 2016
Wave Analysis:
GBP/USD is currently trading with slight bullish bias. Duing the previous trading day on 15th July 2016, the pair rebounded from the resistance level 1.3494, headed short and even hit our target support level 1.3219. The previous day's candle is pretty much bearish and will lead to a possible downward momentum but should not go below 1.2905. This pair should be traded alongside GBP/CHF, GBP/JPY, AUD/JPY, EUR/USD, 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 Recommendation:

Expect a possible bearish price rally towards 1.2905

Graham Osano
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