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GBPUSD Elliot Waves Analysis For 12 August 2016

12 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 12 August 2016

Wave Analysis

GBP/USD is currently trading with a slight bullish bias. Yesterday, the cable traded short as previously forecasted and even went below 1.2997. Following this breakout we expect to continue short with this pair but only up to 1.29024, a clear breakout below this target will push the price further to the lower side. This pair should be traded alongside GBP/NZD, GBP/JPY, GBP/CAD, and GBP/AUD. These pairs have a strong positive correlation of up to +0.83 and will have a similar price action during this intaday.

Trade Recommendations:

As long as the level 1.2997 protects the upper side, look for short positions with an ideal target at 1.2902.

Graham Osano
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