Elliott waves for Forex correlation analysis – Waiting to rebuy euro around 1.3955

GBPUSD – Flat

Waiting to rebuy euro around 1.3955

Wave Analysis:

The cable is currently trading with an increasing bullish bias. Yesterday, we saw an extension of the impulsive waves (5), and (c) to the upper side and is still pretty much bullish. During this intraday, and in the coming few days. we expect a momentum to the upper side and should break above 1.41 towards 1.45. In the meantime, we’re waiting for a correction towards 1.3955 to buy this pair at the least risk possible. This pair should be traded alongside GBPHKD, GBPSGD, GBPMXN. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Rebuy the cable around 1.3955 towards 1.45

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