Elliott waves for Forex correlation analysis – Expect a possible mometum towards 1.2725

GBPUSD – Flat Wave Analysis: During the previous trading day, the cable rose slightly than expected and ended up above 1.2487, as long as the pair remains above this level we expect a possible bullish momentum to the upper side but should not go beyond 1.2725 from where we’ll be looking to pick sell orders. This buy position can only be validated in case the pair ends up breaking above the upper resistive trend line shown on the daily chart below. Unless there’s a clear break above this trend line, we choose to remain jittery about this upward rally. GBPUSD Daily Chart On the daily chart, wait for a break above the upper trend line to go long with ideal target at 1.2725. GBPUSD Weekly Chart On the weekly chart, wait for a clear rebound from 1.26832 to go short with the first target at 1.21 and the next target at 1.10. GBPUSD Monthly Chart On the monthly chart, there’re consolidations but bearish. Expect an exact opposite wave count in USDCHF, USDJPY and CADJPY. These pairs will move in opposite price action during this intraday. Trade Recommendations: Wait for a clear break above the resistive trend line shown on the daily chart to go long with an ideal target at 1.2725
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