Continual learning, or the ability to progressively integrate new concepts, is fundamental to intelligent beings, enabling adaptability in dynamic environments. In contrast, artificial deep neural networks face the challenge of catastrophic forgetting when learning new tasks sequentially. To alleviate the problem of forgetting, recent approaches aim to preserve essential weight subspaces for previous tasks by limiting updates to orthogonal subspaces via gradient projection. While effective, this approach can lead to suboptimal performance, particularly when tasks are highly correlated. In this work, we introduce COnceptor-based gradient projection for DEep Continual Learning (CODE-CL), a novel method that leverages conceptor matrix representations, a computational model inspired by neuroscience, to more flexibly handle highly correlated tasks. CODE-CL encodes directional importance within the input space of past tasks, allowing new knowledge integration in directions modulated by $1-S$, where $S$ represents the direction's relevance for prior tasks. Additionally, we analyze task overlap using conceptor-based representations to identify highly correlated tasks, facilitating efficient forward knowledge transfer through scaled projection within their intersecting subspace. This strategy enhances flexibility, allowing learning in correlated tasks without significantly disrupting previous knowledge. Extensive experiments on continual learning image classification benchmarks validate CODE-CL's efficacy, showcasing superior performance with minimal forgetting, outperforming most state-of-the-art methods.