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GBPUSD Elliot Waves Analysis For 17 August 2016

17 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 17 August 2016

Wave Analysis

GBP/USD is currently trading with bearish bias. Yesterday, the pair traded perfectly long as previously forecasted and even broke above a key resistance level 1.2997. We are waiting for minor pullbacks to the just broken level to give us low risk buy opportunities with our targets above 1.3099. This pair should be traded alongside GBP/CAD, GBP/NZD, GBP/JPY, and GBP/CHF. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

If you are not long already, wait for the current downward retracement to end around 1.2997 then go long with an ideal target at 1.3099. Sell orders are only recommended below 1.2997 with an ideal target 1.2866.

Graham Osano
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