GBPUSD Elliot Waves Analysis For 15 August 2016

GBP/USD is currently trading with a bearish bias. As long as the pair trades within the descending channel, expect a possible bearish price rally to the lower side. Any clear breakout above the upper trend line forming top of the falling channel will lead to a possible bullish price rally towards 1.3099 or even higher. This pair should be traded alongside GBP/JPY, GBP/NZD, GBP/AUD, 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.

As long as the pair trades within the falling channel, look for short positions with ideal targets below 1.2792 . Buy orders are only recommended above 1.2997 or upon a clear rebound from 1.2902.