GBPUSD Elliot Waves Analysis For 16 December 2015 | 16 December 2015
16 December 2015, GBP/USD
Wave Analysis:
GBP/USD is currently trading with a slight bullish bias. The pair traded massively short as previously forecasted, ended up closing within the falling wedge but could not go below a key support level 1.50292. Following this massive downward movement, we are very reluctant to go long, we are still waiting for a close below 1.5029 for us to continue short with targets along the green trend line. Ideally, wave (5) should close below wave (3) but along the green trend line. As long as the pair trades above this support level, 1.50292 we will look for long positions. This pair should be traded alongside other positively correlated pairs such as GBP/JKD, GBP/CAD, CHF/HKD, and AUD/CAD. these pairs have a strong positive correlation of up to +0.75 and are thus expected to have the same price action. Thus only buy or sell pound if all the other positively correlated pairs are giving the same signal.
Trade Recommendation:
Wait for a close below 1.50292, then sell with targets along the lower green trendline. Only buy above 1.5064, with a target at 1.5122
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