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GBPUSD Elliot Waves Analysis For 11 August 2016

11 August 2016, GBP/USD

Wave Analysis

GBP/USD is currently trading with a bearish bias. Yesterday, the pair rebounded from the upper trend line forming top of the falling channel, headed short but is yet to reach the lower trend line. We are waiting for a clear breakout below 1.2997 to give us the green light to continue to the lower side with an ultimate target at 1.29024. This pairs should be traded alongside GBP/JPY, GBP/CHF, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not short already, wait for a clear breakout below 1.2997 then go short with an ideal target at 1.2902.

Graham Osano
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