GBPUSD Elliot Waves Analysis For 4 July 2016 | 04 Juli 2016
04 Juli 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a bearish bias. This pair continues to make lower lows even as gold and EUR/GBP make higher highs. During this intraday, we still expect further bearish price movements towards 1.3226. A break below this target will lead to a momentum to the lower side while a clear rebound from 1.3226 will lead to a possible reversal to the upper side. This pair should be traded alongside GBP/JPY, EUR/USD, and AUD/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:
Remain short but only up to 1.3226. Alternatively wait and sell upon a clear breakout below 1.31126
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.
