Elliott waves for Forex correlation analysis – Sell the cable around 1.3908

GBPUSD – Flat

Sell the cable around 1.3908

Wave Analysis:

Despite the beraish pin bar seen few days ago, the cable is still pulling back upwards, we’re waiting for a sell around 1.3908. We expect the level 1.3940 to have marked the end of the impulsive wave (5) that the current bearish price rally is the unfolding of a corrective three wave cycle and but should not go beyond 1.3585. This pair should be traded alongside GBPHKD, GBPSGD and GBPAUD. These pairs have a strong positive correlation of up to +72% and will move in the same direction today. Only buy or sell euro if the other positive correlated pairs are giving the same signal.
Trade Recommendations:
Sell the cable around 1.3908 with your take profit at 1.3585

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