GBPUSD Elliot Waves Analysis For 4 August 2016 | 04 August 2016

Wave Analysis

GBP/USD is currently trading with a bullish bias. Yesterday, the cable made minor downward retracements but could not go below the lowest point it hit during Brexit. During this intraday, we expect a possible bullish price rally towards 1.3479 or even higher to 1.41199. Ideally, the anticipated upward rally should be the continuation of wave (c) towards 1.4119 or even higher. This pair should be traded alongside GBP/CHF, GBP/JPY, GBP/NZD and GBP/CAD. These pairs have a strong positive correlation of up to +0.85 and will have a similar price action during this intraday.

Trade Recommendations:

Look for potential long positions with an ideal target at 1.3479 and 1.41199