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GBPUSD Elliot Waves Analysis For 24 August 2016

24 August 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 24 August 2016

Wave Analysis

GBP/USD is currently trading with a neutral bias to either sides of the market. Unless there is a clear breakout below 1.3176 or above 1.3205 we choose to remain flat for now. A clear breakout above 1.3205 will lead to a possible bullish price rally towards 1.3345 while a clear breakout below 1.3176 will culminate into a bearish price rally towards 1.3134. This pair should be traded alongside GBP/CHF, GBP/JPY, GBP/CAD and GBP/NZD. These pairs have a strong positive correlation of up to +0.90 and will have a similar price action duing this intraday.

Trade Recommendations:

Remain flat for now. But expect a possible bullish price rally towards 1.3345.

Graham Osano
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