Elliott waves for Forex correlation analysis — Potential buy positions looming

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GBPUSD — Flat

Wave Analysis:

During the previous trading day, the cable entered into a converging wedge but is currently at the verge of breaking above it. A break above this wedge will culminate into a possible impulsive bullish wave count towards 1.30380 but should not extend above 1.33. A breakout above 1.33 will push the price further to the upperside towards the weekly resistance level 1.34. Expect a similar wave count in GBPCAD, EURUSD and GBPAUD. These pairs have a strong positive correlation of up to +85% and will move in the same direction during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a break above the upper resistive trendline to buy this pair towards 1.30380

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