Estimated reading time: 4 minutes
The bullish trend is present in GBP/USD currency pair, 15 minutes time frame based on GBP/USD Elliott Wave Forecast. As I have forecasted few hours ago, the price of GBP/USD pair is going to rise up now on a short-term basis to prints a Bullish Zig Zag Elliott wave pattern and traders should look for a buy trade. So, all those Forex traders who have followed my analysis have made the right decision as price has ascended.
Strong key support level is present at 1.3212 price area which is the originating point of bullish wave A leg. In my judgment, price action in GBP/USD currency pair is now rising up to print a Bullish Impulse wave C leg. So, market is going to remain sideways to first complete the bearish wave B leg. Next, expect a bullish wave C Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Zig Zag corrective pattern which is part of a higher degree Bullish Wave C corrective wave pattern – wave 4.
Currently, Bullish Zig Zag corrective Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.3251 price area. However; if the price of GBP/USD currency pair breaks below 1.3212 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade the Forex market and re-do the GBP/USD Elliott wave analysis in fifteen minutes chart.
Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of GBP/USD currency pair.
Below is the 4 hours chart of GBP/USD pair with my Elliott wave analysis which shows us a big picture and a well started bearish trend as well.
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To me; price is trying to complete the Bearish Contracting Triangle pattern. Now, market is moving sideways to complete the corrective wave 4 leg. The bearish wave 5 leg is the last and final decline in price action. After that I expect price action to prints a bottom. Within the Bearish Contracting Triangle pattern, all sub-waves must sub-divides into an impulse 3, 3, 3, 3 and 3 waves pattern.
The following Elliott Wave Bearish Contracting Triangle diagram shows us a completed Bearish Contracting Triangle Wave Pattern within the frame work of Elliott wave principle.
Based on my GBP/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish Contracting Triangle Pattern at wave 4 location. Now, price is probably going to move sideways and then falls more lower to complete the Bearish impulse wave 5 leg. To me; in fifteen minutes chart of GBP/USD currency pair the bullish leg wave A, B and C in price action is just a pull back in a down trend as mentioned above as Bullish Zig Zag leg inside a 15 minutes price chart.
Strong key resistance level is present at 1.3337 in GBP/USD four hours chart. So, I expect market to falls down more now to complete the bearish wave 5 leg. So, in my opinion market is going to remain sideways and then resume the down trend in GBP/USD currency pair, in 4 hours chart.
However; price should stays below 1.3337 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.3337 resistance area will end the down trend and in such a market scenario, it would be best not to trade the market and re-analyze GBP/USD 4 hours chart.
Based on GBP/USD Elliott Wave Forecast the trend is down in 4 hours chart and a good idea is to look for a sell trade around 1.3290 price area, as price is going to drop more towards 1.3090 but a clear bullish break out in price action above 1.3337 vital resistance area will end the down trend. On a short term basis, it is a bullish trend in GBP/USD 15 minutes time frame and a good idea is to take a buy trade around 1.3251 price level and price is probably going to rise up towards 1.3269 price level. However; if the price of GBP/USD currency pair breaks below 1.3212 vital support level then bullish trend is going to end. Forex traders who don’t have a broker yet or wish to go with a broker that works well then click here.
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