manager photo
Online Assistant
We will be pleased to answer any questions you may have
Write Call
Close
Log in

GBPUSD Elliot Waves Analysis For 29 July 2016

29 July 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 29 July 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the pair retraced to the lower side but could not close below 1.3111. As long as the level 1.3111 protects the lower side, we expect a possible rebound from this level to go long but only up to 1.3491. A clear breakout below 1.3111 may invalidate the anticipated rebound and could culminate into a possible bearish price movements towards 1.2905 or even below. This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD, GBP/CAD, and GBP/NZD.These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades above 1.13111 expect a possible bullish price rally towards 1.3491. A breakout below 1.3111 will call for short positions with an ideal target at 1.29053.

Graham Osano
See also:
Agree with the review?
Traders' opinion:

We are constantly improving our website quality. If you have any suggestions on how to make our website better or noticed an error on the website, please tell us

Tell us

Your browser does not support cookie. If cookie is disabled in your Internet browser, you may have problems with accessing Client Area. How to enable cookie .