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GBPUSD Elliot Waves Analysis For 27 July 2016

27 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 27 July 2016

Wave Analysis

GBP/USD is currently trading with a slight bullish. Yesterday, the pair traded with a neutral bias to either sides of the market and ended up closing just a few pips from it's opening price. The previous day's candle is an indecision candle, which means there is no clear direction in the market. Thus, we sit on the sidelines and wait for a clear break above 1.3147 to go or a break below 1.3111 to go short. This pairs should be traded alongside GBP/JPY, GBP/CHF, GBP/NZD, GBP/CAD, and AUD/USD. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.

Trade Recommendations:

Remain flat for now.

Graham Osano
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