GBPUSD Elliot Waves Analysis For 21 January 2016 | 21 January 2016
21 January 2016, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a slight bullish bias. We are waiting for a clear break out above 1.4264 to mark the end of the downward trend. Otherwise, in case of a clear break out below 1.4148, we will be headed short with an ultimate target at 1.3492. This pair should be trade alongside other positively correlated pairs such as GBP/CHF, GBP/JPY, CAD/CHF and AUD/JPY. These pairs have a strong positive correlation of up to +0.96 and are thus expected to have a similar price pattern. Only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Trade Recommendation.
Wait for a close below 1.4148, then well with a target along 1.3492. Only buy above 1.4264 with a target at 1.5674.
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.
