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GBPUSD Elliot Waves Analysis For 20 July 2016

20 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 20 July 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and is still pretty much bearish. During this intraday, we expect a possible bearish price rally but should not go beyond 1.290. A breakout below this target support will culminate into further bearish price rally. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.86 and will have similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.290.

Graham Osano
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