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GBPUSD Elliot Waves Analysis For 26 July 2016

26 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 26 July 2016

Wave Analysis
GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Euro push to the upper side. During this intraday, as long as the pair trades below 1.3147, we expect the cable to continue to the lower side but should not go beyond 1.2905. Ideally, the pair should form a double bottom at 1.2905. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/NZD, and GBP/CAD. These pairs a have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade recommendation:

As long as the pair trades below 1.3147, remain short with an ideal target at 1.2905

Graham Osano
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