GBPUSD Elliot Waves Analysis For 2 August 2016 | 02 Agustus 2016

Wave Analysis

GBP/USD is currently trading with a slight bullish bias. Yesterday, the cable continued to make lower lows despite our expectation to trade on the higher ranges. As long as the level 1.3221 protects the upper side we expect a possible bearish reversal from 1.3221 to go short with an ideal target at 1.1205, a clear bullish breakout above 1.3221 will lead to a possible upward momentum towards 1.3479 or even higher to 1.4158. An upward rally is highly anticipated wince the other positively correlated pairs such as GBP/JPY, GBP/CHF, GBP/CAD and GBP/NZD are already in an upward momentum.

Trade Recommendations:

As long as the pair trades below 1.3221, look for short positions with an ideal target at 1.2905. Buy positions are only recommended above 1.3221 with the first at target at 1.3479 and the next target at 1.41199.