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GBPUSD Elliot Waves Analysis For 21 July 2016

21 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 21 July 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the pair retraced to the upper side but is yet to reach our target resistance level 1.3421, we expect further movements to the upper side but should not go beyond 1.3421. A clear break above 1.34913 will lead to further upward rally with the next target at 1.4158. This pair should be traded alongside GBP/CHF, GBP/JPY, and AUD/USD. These pairs have a strong positive correlation of up to +0.82 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.3421.

Graham Osano
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