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Elliott waves for Forex correlation analysis – We are still long towards 1.3470.

GBPUSD – Flat

We are still long towards 1.3470.

Wave analysis

In the previous intraday, the cable pulled back but is still above the previous support at 1.3061. This pull back is expected to be a mere correction of the inner impulsive wave (1) of the outer impulsive wave (E) and should not go beyond 1.3061. After this correction, the inner impulsive wave (1) is expected to extend upwards towards the daily resistance zone 1.3124 – 1.3477. This upward rally is expected to push the impulsive wave (E) towards 1.4740. You could take a long position with your first target at 1.3478 or if you are hesitant, wait for a break above the daily resistance zone 1.3124 – 1.3477 and long this pair towards 1.4740. Trade this pair alongside AUDUSD, NZDUSD, GBPAUD and GBPNZD. These pairs have a strong positive correlation and should move in the same direction.

Trade recommendation.

We are still long towards 1.3470.

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