Elliott waves for Forex correlation analysis – Buy the cable towards 1.33

GBPUSD – Flat Wave Analysis: Yesterday, the cable broke above the trend line with an engulfing candle. We’re waiting for minor retracements to the just broken trend line to buy this pair at low risk. The anticipated upward rally should be impulsive in nature and should be the continuation of the impulsive wave (5). This view will only be disregarded in case the pair end up below this trend line, and most importantly below 1.27725, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar wave count in GBPCAD, GBPCHF and GBPAUD. These pairs will have a similar wave count during this intraday. Trade Recommendations: As long as the pair remains above 1.27725, expect a possible bullish price movements towards 1.33.
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