GBPUSD Elliot Waves Analysis For 18 January 2016 | 18 January 2016
18 January 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a bearish bias. During the previous trading day, pound traded short, and even crossed and closed below our daily support level 1.4347. During this intraday, we expect a minor pullback towards this level before we continue short with an ultimate target at 1.3454. This pair should be traded alongside other pairs such as EUR/JPY, CAD/JPY, AUD/USD, and CAD/CHF. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pairs are giving the same signal.
Trade Recommendations:
Wait for a minor pull back towards 1.4323, then sell with an ultimate target at 1.3454.
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.
