GBPUSD Elliot Waves Analysis For 29 June 2016 | 29 Juni 2016

Wave Analysis

GBP/USD is currently trading with a slight bullish. For the past few trading days, the cable has continually made lower lows and may head further to the lower side. As long as the pair trades below 1.3375, we expect a possible bearish price action towards 1.3142. A break below this target will lead to a momentum to the lower side but should not go beyond 1.305. This pair should be traded alongside GBP/JPY, GBP/CHF, EUR/USD, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair trades below 1.3375, look for short positions with an ideal target at 1.3142.