Elliott waves for Forex correlation analysis – Expect The Cable to trade on the lower ranges.

GBPUSD – Flat Wave Analysis Yesterday, wave E rallied on the lower side as previously forecasted but is yet to each our target level along the lower supportive trend line. During this intraday, we expect a continuation of this impulsive wave towards our previous target or even lower. However, we cannot rule out the possibility of a rebound before reaching our previously set target. If the latter is the case, then we expect a rally to the upper side. Expect a similar impulsive wave in EUR/USD and NZD/USD. These pairs have a strong positive correlation of up to +0.92 and will have a parallel price action today. Trade Recommendations: Remain short with an ideal target along the lower supportive trend line.
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