GBPUSD Elliot Waves Analysis For 25 August 2016 | 25 August 2016

Wave Analysis

GBP/USD is currently trading with a bearish bias. Yesterday, the pair traded short as previously forecasted but is yet to reach our target support level 1.3134. During this intraday, we expect a possible bearish price movements towards our previously set target o even lower. The current upward rally is a mere retracement and should not go beyond 1.3230, a clear breakout above this level may invalidate the anticipated downward rally. This pair should be traded alongside GBPCAD, GBP/NZD and GBP/JPY. These pairs have a strong positive correlation of up to +0.92 and will have a similar price action during this intraday.

Trade Recommendations:

Remain short with an ideal target at 1.3134.