Elliott waves for Forex correlation analysis – Sell the cable now

GBPUSD – Flat

Sell the cable now

Wave Analysis:

Yesterday, the impulsive wave (c) extended massively to the upper side bu ended up closing below 1.3826. This is a key weekly resistance level and since the previous day’s candle was a bearish tailed candle, we expect a decline in price . Ideally, we expect yesterday’s candle to have marked the end of the impulsive wave (c), that the current bearish trend on the lesser time frames is the unfolding of a bearish correction and should not go beyond 1.3415. This view can only be invalidated in case the price breakout above 1.3826, this being the case, we expect a rally the upper side. This pair should be traded alongside GBPAUD, GBPNZD and GBPHKD. These pairs may move in a similar direction today.

Trade Recommendations:

Sell Gbpusd now towards 1.3415

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