GBPUSD Elliot Waves Analysis For 22 July 2016 | 22 Juli 2016

Wave Analysis

GBP/USD is currently trading with a slight bearish bias. During the previous trading day, The cable traded neutrally on either sides of the market but ended up closing a few pips from it's daily opening price. We expect to continue to the upper side but only up to 1.3421. A break above 1.3491 will lead to further momentum to the upper side . This pair should be traded alongside GBP/JPY, GBP/CHF, AUD/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

Expect a possible bullish price rally to go long with an ideal target at 1.3421.

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