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GBP/USD Elliott Wave Forecast 5th February, 2018

GBP/USD Elliott Wave Forecast 5th February, 2018

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GBP/USD Elliott Wave Forecast

GBP/USD Elliott Wave Forecast in 15 Minutes chart

The bearish trend is present in GBP/USD Elliott Wave Forecast in 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 Impulse 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 1.4173 price area which is the termination point of Bullish Zig Zag wave (iv) leg. In my judgment, price action in GBP/USD currency pair is now falling down to prints a Bearish wave (v) leg. So, market is going to drop more now to complete the Bearish wave (v) Elliott wave pattern. Based on Elliott wave analysis, the current bearish price action is the Bearish Zig Zag leg which is part of a higher degree bearish corrective wave 4 Elliott wave pattern.

Currently, Bearish wave (v) 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 1.4113 price area. However; if the price of GBP/USD currency pair breaks above 1.4173 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.

GBP/USD Elliott Wave Forecast in 4 Hours chart

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.

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GBP/USD Elliott Wave Forecast

To me; price is trying to complete the corrective Bearish wave 4 pattern. Now, market is falling down to complete the bearish corrective wave 4 leg. The bearish wave 4 leg is the last and final decline as price is going to rise up after that to complete the Bullish impulse wave 5 leg. Within the Bullish Impulse Elliott pattern, all five sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.

The following Elliott Wave Bullish Impulse wave pattern diagram shows us a completed Bullish Impulse Elliott wave leg within the frame work of Elliott wave principle.

Elliott Wave Bullish Impulse pattern

Based on my GBP/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish wave 4 corrective Elliott wave pattern. Now, price is probably going to first drop more to complete the bearish wave 4 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 Zig Zag wave pattern in a 15 minutes price chart.

Strong key support level is present at 1.3979 in GBP/USD four hours chart. So, I expect market to drop first and then rise up to complete the Bullish Impulse wave pattern – wave 5 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 1.3979 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.3979 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.

Summary

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 1.4175 price area, as price is going to rise up towards 1.4400 price level but a clear bearish break down in price action below 1.3979 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 1.4113 price level and price is probably going to drop towards 1.4020 price level. However; if the price of GBP/USD currency pair breaks above 1.4173 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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About Muhammad Azeem

In year 2012, Mr. Azeem passed Certified Elliott Wave Analyst Level 1 Exam with 93% score. Trading Style and Methodology: Mr. Azeem is a pure technician and he solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

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