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GBPUSD Elliot Waves Analysis For 25 July 2016

25 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 25 July 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Earlier today, the pair gapped up but is yet to reach out objective resistance level 1.3178. We expect to continue long with wave (c) but should not go beyond 1.3178 from where we'll be looking for a possible reversal to the lower side. This pair should be traded alongside AUD/USD, EUR/USD, NZD/USD, GBP/JPY, GBP/CHF and GBP/NZD. These pairs have a strong positive correlation of up to +0.89 and will have a similar price action during this intraday.

Trade Recommendations:

Remain long with an ideal target at 1.3178

Graham Osano
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