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GBPUSD Elliot Waves Analysis For 9 August 2016

09 August 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as the US Dollar index extend into higher ranges. During this intaday, we expect further movements to the lower side and may breakout below 1.2902. This pair should be traded alongside GBP/JPY, GBP/CAD, GBP/AUD and GBP/HKD. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Remain short with an ideal target below 1.29024

Graham Osano
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