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GBPUSD Elliot Waves Analysis For 22 August 2016

22 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 22 August 2016

Wave Analysis

GBPUSD is currently trading with a bearish bias. During the previous trading day on 19th August 2016 , our stop got hit when the price closed below $1.3115, following the breakout below $1.3077, we expect further movements to the lower side with our ideal target at $1.2997 or even lower. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.
Trade Recommendations:
Now is the most opportune time to go short with targets at $1.3046 and the next target at $1.2997.
Graham Osano
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