Elliott waves for Forex correlation analysis – Still looking for clear direction

GBPUSD – Flat Wave Analysis The cable continues to consolidate within the rising channel but is yet to give a clear direction. As long as this pair trades within this channel, we’ll only be interested in trading reversals, any clear breakout out of channel will call for breakout trading depending on the direction of breakout. In the meantime, as long as the lower trend line restricts any downward invasion, we choose to remain long and expect a possible bullish wave count towards 1.2743 possibly higher. Sell positions will only be ideal upon a clear breakout below the lower trend line or upon a clear rebound from 1.2743. Expect a similar wave count in GBP/HKD and EUR/USD. These pairs have a strong positive correlation of up to +92 and will have a similar price action during this intraday. Trade Recommendations: Remain long with an ideal target at 1.2743. Sell positions are only recommended upon a clear breakout below the lower trend line with an ultimate target at 1.2029.
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