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GBPUSD Elliot Waves Analysis For 10 August 2016

10 August 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with slight bearish bias. Earlier today, the pair found a key support around 1.2997, headed long but is yet to reach our target resistance level 1.3099. We expect to continue long up to 1.3099 or even higher to 1.3228. However, as long as the current descending channel protects the upper side, we expect a continuation of the downward rally that began on Thursday the previous week. This pair should be traded alongside GBP/CHF, GBP/JPY, GBP/CAD 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:

As long as the upper trend line forming top of the falling channel protects the upper side, expect a downward rally towards 1.2997 or even lower to 1.29024. Buy position are only recommended above 1.3137 with an ideal target at 1.3228.

Graham Osano
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