GBPUSD Elliot Waves Analysis For 20 July 2016 | 20 Juli 2016
20 Juli 2016, GBP/USD
Wave Analysis
GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted and is still pretty much bearish. During this intraday, we expect a possible bearish price rally but should not go beyond 1.290. A breakout below this target support will culminate into further bearish price rally. 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 +0.86 and will have similar price action during this intraday.
Trade Recommendations:
Remain short with an ideal target at 1.290.
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.
