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GBPUSD Elliot Waves Analysis For 19 July 2016

19 July 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. Yesterday, the cable made minor retracements to the upper side but could not close beyond 1.3344. This pair is is still pretty much bearish on the daily chart and will likely remain bearish for the better parts of this intraday. Thus, during this intraday, we expect a possible bearish price rally towards 1.2905 or even lower. This pair should be traded alongside GBP/JPY, GBP/CHF, NZD/USD and AUD/USD. These pairs have a strong positive correlation of up to +0.96 and will have similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.2905.

Graham Osano
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