GBPUSD Elliot Waves Analysis For 19 January 2016 | 19 January 2016
19 January 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading in an overall downtrend. During the previous trading day, pound traded short and ended up finding a support at 1.4241. Since the previous daily candle was pretty much bearish, we will be headed short with an ultimate target at 1.3485. Traders trading this pair should observe closely other pairs such as GBP/CHF, NZD/CHF, and NZD/USD. These pairs have a strong positive correlation of up to +0.91 and are thus expected to have a similar price action. Only buy or sell Cable if all the other positively correlated pair are giving the same signal.
Trade Recommendations:
Remain short with an ultimate at 1.3485
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.
