How to take advantage of changing correlations between pairs?

I guess correlations between two currency pairs are like Delta in options pricing. Right?

In that case when the market conditions change, the correlations also fluctuate and we can call this change is equivalent to Gamma in options world.

Suppose in a longer time frame like on daily chart the correlation is very high (either +ve or -ve) for some time......but you would notice that in lower time frames the value often comes near zero and then get backs to top/bottom of the range.

This indicates at those times the two pairs become temporarily un-correlated but because of strong fundamental or whatever reasons they will eventually get back to correlated relationship.

Can we explore and find out any opportunity to cash in from such deviations?

I think someone has posted this before but I'm not sure where or perhaps some other forums.

Indeed some currency pairs are co-related to some degree. That's why we have the currency co-relation tables.

However, trading based on the co-relation coefficient alone isn't enough. There are other factors that can influence a currency pair regardless of their co-relations.

I'll be interested to know other opinions anyway.

In my opinion, there is no such thing as true correlation with currency pairs.
Many people will say, for example that GBPUSD and EURUSD are highly correlated, but all that really means is that both pairs Tend to move in the same direction.
If GBPUSD and EURUSD were truly correlated, then the EURGBP chart would simply be a flat line.
To take advantage of correlation getting out of sync, keeping with the afore mentioned pairs as example, it would require oscillation around a central pivot.
Open a chart on any timeframe of EURGBP and try to identify areas where price oscillates around a central pivot. Yes, you will see them, but do they happen often enough to be tradeable?

How to take advantage of changing correlations between pairs?

Right direction, but wrong question.

Daily charts, AUD, GBP, EUR, USD against JPY.

Okey, now you know how to make money, do something good with it.

Most of the time we can see some correlations between pairs. But correlations change due to fundamental announcements.