Elliott waves for Forex correlation analysis – We’re long with a target at 1.3477.

GBPUSD – Flat

We're long with a target at 1.3477.

Wave Analysis:

During the previous trading day, the cable rise slightly to the upper side but is yet to pick an active momentum as we expected. As we said yesterday, we expect the previous week’s lowest low, to have been a higher low, and that we expect further rise towards 1.3477 or even higher. The expected upward rally is merely the continuation of the impulsive wave (1) to the upper side and may breakout above 1.3477. If this is the case, then further rise towards 1.4093 is expected. Conservative traders can wait for a break above 1.3477, then buy the impulsive wave (3) towards 1.4093.

Trade Recommendation:

We’re long with a target at 1.3477.

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