GBPUSD Elliot Waves Analysis For 26 July 2016 | 26 يوليو 2016

26 يوليو 2016, GBP/USD

GBPUSD Elliot Waves Analysis For 26 July 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Euro push to the upper side. During this intraday, as long as the pair trades below 1.3147, we expect the cable to continue to the lower side but should not go beyond 1.2905. Ideally, the pair should form a double bottom at 1.2905. This pair should be traded alongside GBP/JPY, GBP/CHF, GBP/NZD, and GBP/CAD. These pairs a have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade recommendation:

As long as the pair trades below 1.3147, remain short with an ideal target at 1.2905

The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.

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Bob Stan

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