GBPUSD Elliot Waves Analysis For 6 July 2016 | 06 Juli 2016

Wave Analysis:

GBP/USD is currently trading with a bearish bias. The cable continues to make lower lows even as Gold and EUR/GBP break above their recent highs. Following the breakout below 1.3226, we expect to continue short with wave [c] to to the lower side and may break below 1.30. In the meantime we wait for minor upward pullbacks towards 1.3226 to give us low risk sell opportunities. This pair should be traded alongside EUR/USD, GBP/JPY, and GBP/CHF. These pairs have a strong positive correlation of up to +0.96 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bearish price movements towards 1.247.