Elliott waves for Forex correlation analysis – Bulls Preparing to take control

GBPUSD – Flat Wave Analysis: During the past week, the cable got supported perfectly along the lower trend line headed long but is yet to reach out target Resistance level. We expect the current upward rally to be continuation of the impulsive wave E but should be truncated in nature; which means it should not go beyond the end of the motive wave C from where we’ll be looking for potential sell orders. Any clear developments above 1.2769 may invalidate a possible rebound from this zone and could culminate into a possible bullish price action towards 1.2960 and possible higher. Expect a similar price action in EUR/USD and GBP/HKD. These pairs will have a similar price action during this intraday. Trade Recommendations: Expect a possible bullish price action towards 1.2743
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