Elliott waves for Forex correlation analysis – Still long


Wave Analysis:

During the previous trading day, both the impulsive waves (5) and (c) stretched massively to the upper side and are still pretty much bullish. During this trading day and in the coming few days, we expect a possible extension of this rally to the upper side and should break above 1.4370 towards 1.45. According to the 4 hour chart and the daily charts, a rally to the upper side is highly anticipated. This pair should be traded alongside GBPAUD, GBPCHF, GBPNZD and GBPHKD. These pairs have a strong positive correlation and will move in the same direction today. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Long towards 1.45

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