GBPUSD Elliot Waves Analysis For 15 August 2016 | 15 أغسطس 2016
15 أغسطس 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a bearish bias. As long as the pair trades within the descending channel, expect a possible bearish price rally to the lower side. Any clear breakout above the upper trend line forming top of the falling channel will lead to a possible bullish price rally towards 1.3099 or even higher. This pair should be traded alongside GBP/JPY, GBP/NZD, GBP/AUD, and GBP/CAD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.
Trade Recommendations:
As long as the pair trades within the falling channel, look for short positions with ideal targets below 1.2792 . Buy orders are only recommended above 1.2997 or upon a clear rebound from 1.2902.
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.
