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 Impulse 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 1.3755 price area which is the termination point of bearish Zig Zag wave (ii) leg. In my judgment, price action in GBP/USD currency pair is now rising up to prints a Bullish Impulse wave (iii) leg. So, market is going to remain bullish on a short term basis. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse wave pattern which is part of a higher degree Bullish Impulse wave pattern.
Currently, Bullish Elliott wave pattern wave (iii) looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.3811 price area. However; if the price of GBP/USD currency pair breaks below 1.3755 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 or has already completed Bearish Triple Zig Zag Corrective pattern. Now, market is moving sideways to and probably move up to print bullish impulse wave 1. The bearish wave Z leg is the last and final decline in price action because after that I expect price action to prints a bottom. Within the Bearish Triple Zig Zag pattern, all sub-waves must sub-divides into an impulse 3, 3, and 3 waves pattern.
The following Elliott Wave Bearish Triple Zig Zag diagram shows us a completed Bearish Triple Zig Zag 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 Triple Zig Zag Pattern. Now, price is probably going to move sideways and then rise up or falls more lower to complete the Bearish corrective wave Z leg.
Strong key resistance level is present at 1.4069 in GBP/USD four hours chart. So, I expect market to drop more lower to complete the bearish wave Z and then prints a bottom as well. 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 1.4069 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.4069 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 1.3817 price area, as price is going to drop more towards 1.3675 but a clear bullish break out in price action above 1.4069 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 1.3811 price level and price is probably going to rise up towards 1.3850 price level. However; if the price of GBP/USD currency pair breaks below 1.3755 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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