07 September 2015, GBP/USD
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Technical View:
GBP/USD is currently trading with a partial buslish bias. The pair went down and even crossed and closed below a key support area 1.5337 therefore aborting the anticipated double bottom. The pair went down and is currently trading below the 50.0% fib level, as long as the pair trades below this fib level, short positions are encouraged but only up to the 61.8% fib level. Any movements below this level will signal further movements below. Basically, we expect a bounce for buy signal from the 1.5086 key level. As a caution, traders looking forward to trading forex Currency Correlation should observe closely other pairs such as AUD/CAD, AUD/CHF, AUD/JPY, AUD/NZD,EUR/JPY, USD/JPY and GBP/JPY for Positive correlation trading.Only buy or sell GBP/USD, if more than Half of these pairs are giving the same signal.
Trade Recommedations:
Traders should look to buy this pair at 1.5086 and sell at 1.5249. Any movements above the 61.8% fib level will signal further movements below up to the 100.0% fib level. However, should price close above 1.5249, further long positions are recommended.
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