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GBPUSD Elliot Waves Analysis For 19 August 2016

19 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 19 August 2016

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. Yesterday, the pair traded long and even broke above a key resistance level 1.31372, we expect the just broken level to act as a support to any downward rally. Since the price is already rebounding from it, now is the most opportune moment to buy this pair at a low risk. Ideally, its wise to buy wave [5] towards 1.3228 or even higher. A breakout above this target my push the price further to the upper side. This pair should be traded alongside GBP/JPY, GBP/CAD, GBP/AUD and GBP/NZD. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action during this intraday.

Trade Recommendations:

Go long around 1.3137 with an ideal target at 1.3228. Sell positions are only recommended below 1.3115 with an ideal target at 1.2997.

Graham Osano
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