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GBPUSD Elliot Waves Analysis For 1 August 2016

01 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 1 August 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. During the previous trading day on 29th July 2016, the pair traded perfectly long as previously forecasted and is still pretty much bullish. We will remain long but only 1.3498, a clear breakout above 1.3496 will lead to a possible bullish price movements but should not go beyond 1.41199. This pair should be traded alongside GBP/HKD, GBP/CHF, GBP/JPY, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.86 and will have a similar price action during this intraday.
Trade Recommendations:

Remain long with your first target at 1.3496 and the next target at 1.41199.

Graham Osano
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