Elliott waves for Forex correlation analysis – The Cable possibly retracing but should not go beyond 1.2890

GBPUSD – Flat Wave Analysis: Following the end of the corrective wave (iv) around the lower trend line, the impulsive wave (iii) took to the upper side and even broke above the short term resistance level 1.2890. During this intraday, we expect to continue to the upper side, that the current bearish wave count is the unfolding of the corrective wave (iv) and should not go beyond 1.28904-1.2850 from where we’ll be looking to re-buy this pair towards 1.33. In case of a break below 1.2885, this pair could correct further to the lower side but should not go beyond 1.27803. Expect a similar wave count in GBPCAD, GBPAUD and GBPNZD. These pairs will have a similar wave count during this intraday. Trade Recommendations: Buy this pair around 1.2890 with your target at 1.33.
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