GBPUSD Elliot Waves Analysis For 24 August 2016 | 24 أغسطس 2016
24 أغسطس 2016, GBP/USD
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.
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.
