Estimated reading time: 3 minutes
The bearish 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 drop now on a short-term basis to prints a Bearish corrective wave c Elliott wave pattern and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.
Strong key resistance level is present at 1.3513 price area which is the termination point of bullish wave X corrective leg. In my judgment, price action in GBP/USD currency pair is now falling down to prints a Bearish wave c leg. So, market is going to drop more now to complete the Bearish wave c Elliott wave pattern. Based on Elliott wave analysis, the current bearish price action is the Bearish Double Zig Zag leg which is part of a higher degree bearish corrective wave b Elliott wave pattern.
Currently, Bearish wave c Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.3427 price area. However; if the price of GBP/USD currency pair breaks above 1.3513 vital resistance 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 bullish in higher time frame of GBP/USD currency pair.
Below is the 4 hours chart of GBP/USD currency pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.
To me; price is trying to complete the Bullish Triple Zig Zag corrective Elliott wave pattern. Now, market is falling down to complete the bearish corrective wave b leg. The bearish wave b leg is the last and final decline as price is going to rise up after that to complete the Bullish corrective wave c leg which is going to complete wave Z. Within the Bullish Triple Zig Zag Elliott pattern, all three sub-waves must sub-divides into 3, 3 and 3 waves structure pattern.
The following Elliott Wave Bullish Triple Zig Zag pattern diagram shows us a completed Corrective Bullish Triple Zig Zag leg 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 Bullish Triple Zig Zag wave Elliott pattern. Now, price is probably going to first drop more and then rise up to complete the bullish wave c leg. To me; in fifteen minutes chart of GBP/USD currency pair the bearish leg in price action is just a pull back in an up trend as mentioned above as a Bearish Double Zig Zag wave pattern in a 15 minutes price chart.
Strong key support level is present at 1.3221 in GBP/USD four hours chart. So, I expect market to drop first and then rise up to complete the Bullish corrective pattern – wave Z leg. So, in my opinion market is going to remain sideways and then resumes an up trend in GBP/USD currency pair, in 4 hours chart. However; price should stays above 1.3221 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.3221 support area will end an up 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 up in 4 hours chart and a good idea is to look for a buy trade around 1.3400 price area, as price is going to rise up towards 1.3565 but a clear bearish break down in price action below 1.3221 vital support area will end an up trend. On a short term basis, it is a bearish trend in GBP/USD 15 minutes time frame and a good idea is to take a sell trade around 1.3427 price level and price is probably going to drop towards 1.3400 price level. However; if the price of GBP/USD currency pair breaks above 1.3513 vital resistance level then bearish 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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