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GBPUSD Elliot Waves Analysis For 28 July 2016

28 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 28 July 2016

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even hit a key resistance level 1.3221. Although we expect further momentum to the upper side, we will only go long upon a clear breakout above 1.3221. A clear rebound from this level will lead to a possible bearish reversal towards 1.29053. This pair should be traded alongside GBP/NZD, GBP/JPY, GBP/CHF, and GBP/CAD. These pairs have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.3221, look for short positions with an ideal target 1.29053. A clear breakout above 1.3221 will call for long positions with an ideal target at 1.34300.

Graham Osano
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