Elliott waves for Forex correlation analysis – We’re long towards 1.4981

GBPUSD – Flat

We're long towards 1.4981

Wave Analysis:

For a significant time now, we’re seen an extension of the current corrective three wave cycle, with the last impulsive wave (c) stretching above a key level 1.3653. As long as the price remains above this level, we expect a possible extension of the impulsive wave (c) to the upper side and should break above 1.49681. A short term resistance can be seen around 1.40999, and if the price can successfully break above it, then a rally towards 1.49681 is expected. In case of a correction, the best place to buy this pair is around 1.3653. This pair has a strong positive correlation to GBPAUD, EURUSD, GBPHKD and NZDUSD. These pairs have a strong positive correlation and will move in the same direction today.

Trade Recommendations:

We’re long towards 1.4981

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