Elliott waves for Forex correlation analysis – Look for a short position around 1.4335

GBPUSD – Flat

Look for a short position around 1.4335

Wave Analysis:

Yesterday after breaking above 1.4214, the cable pulled back to the same zone before picking a momentum to the upper side, we expect a possible double top formation around 1.4335 to pick a short position with an ultimate target at 1.3915. The idea is to remain flat temporarily and the wait for a rebound 1.4335 then short this pair at the least risk possible. This view can only be invalidated in case the price end up breaking above 1.4335, this being the case, we’ll wait for a break above 1.4375 to confirm a possible rally towards 1.45. This pair will have a similar price action top GBPMXN, GBPSGD and EURUSD.

Trade Recommendations:

Sell the cable upon a rebound from 1.4335

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