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Elliott waves for Forex correlation analysis – Bulls dominating

GBPUSD – Flat

Bulls dominating

Wave analysis

As previously predicted, the inner impulsive wave (1) of the outer impulsive wave (E) extended massively towards the daily resistance zone 1.3428 – 1.3477.We expect this inner impulsive wave (1) to extend further upwards towards this resistance zone. This upward price rally should push the impulsive wave (E) up to 1.4740. Look for a long position with your first target at 1.3428. If you are reluctant, wait for a break above the daily resistance zone to buy this pair towards 1.4740. A break above this daily resistance zone is a good indication that this impulsive wave (c) could extended further upwards towards our target 1.4740. Trade this pair alongside AUDUSD, NZDUSD, GBPAUD and GBPNZD. These pairs have a strong positive correlation and they will in the same direction in this intraday.

Trade recommendation

We are still long towards 1.3470.

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