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GBPUSD Elliot Waves Analysis For 8 August 2016

08 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 8 August 2016
Wave Analysis
GBP/USD is currently trading with a slight bullish bias. During the previous trading day on Friday, the Cable made a lower low following the NFP's results release and is still pretty much bearish on the daily chart. During this intraday, we expect further movements to the loweride with the next target at 1.2902 or even lower. This pair should be traded alongside GBP/CAD, GBP/NZD, GBP/JPY, and GBP/AUD. 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 short with an ideal target at 1.2902

Graham Osano
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