GBPUSD Elliot Waves Analysis For 15 July 2016 | 15 Juli 2016
15 Juli 2016, GBP/USD
Wave Analysis
GBP/USD is currently trading with a bullish bias. Yesterday, the pair traded long as previously forecasted and is still pretty much bullish. We wait for a clear breakout above 1.3491 to give us the green light to continue long towards 1.41199. A clear rebound from 1.3491 will culminate into a possible bearish price rally but should not go beyond 1.3226. This pair should be traded alongside GBP/CHF, and GBP/JPY. These pairs have a strong positive correlation of up to +0.95 and will have a similar price action during this intraday.
Trade Recommendation:
Wait for a clear breakout above 1.3491 to go long with an ideal target at 1.41199. Sell orders are only recommended upon a clear rebound from 1.3491 with an ideal target at 1.3226
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.
