GBPUSD Elliot Waves Analysis For 18 August 2016 | 18 أغسطس 2016

Wave Analysis

GBP/USD is currently trading around a key supply level 1.3046. Unless there is a clear breakout above this level, we expect a possible bearish price reversal from this level to go short. A clear breakout above 1.3066 will likely culminate into a possible bullish price rally but should not go beyond 1.3137. This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD, NZD/USD and GBP/CAD. These pairs have a strong positive correlation of up to +0.93 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible rebound from 1.3046 to go short with an ideal target at 1.2997. A breakout above 1.3066 will call for long positions with an ideal target at 1.3099.