Based on technical analysis the bullish trend is present in GBP/USD currency pair, 4 hours time frame based on GBP/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, the price of GBP/USD pair is going to rise up now to prints a Bearish corrective Elliott wave pattern – wave y and traders should look for a buy trade. So, all those Forex traders who have followed my Elliott wave forecast have made the right decision as price has ascended.
Strong key support level is present at 1.2772 price area which is the termination point of Bearish corrective wave x leg. In my judgment, price action in GBP/USD currency pair is now rising up to completes a second bullish Zig Zag wave y leg. So, market is going to remain bullish on a medium term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish price action is part of a Bullish corrective Elliott Wave Zig Zag pattern, wave B leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern wave y looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.3080 price area. However; if the price of GBP/USD currency pair breaks below 1.2772 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 four hours chart.
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Now, at this point; I must acknowledge that the trend is actually bearish in higher time frame of GBP/USD currency pair.
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Below is the daily chart of GBP/USD pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
To me; price is printing bullish corrective wave B Zig Zag leg. Now, price action is rising up to complete the Bullish corrective wave B Zig Zag pattern. So, now market is moving up on a short term basis and on a long forecast basis, the trend is still down. So, after a bullish wave B, expect price action in GBP/USD currency pair to starts the decline. The bullish corrective wave B leg is the last and final rise and price is going to prints a long term top after that. Within the Bearish corrective Zig Zag Elliott wave pattern, all sub-waves must sub-divides into 5, 3 and 5 waves pattern.
The following Elliott Wave Bearish Zig Zag corrective pattern diagram shows us a completed Bearish Zig Zag pattern within the frame work of Elliott wave principle.
The bearish Zig Zag wave pattern of the Elliott wave principle shows that how price action does not moves in a straight line fashion but in a series of lows (retracements) and highs (rises). Bearish Zig Zag Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Zig Zag Elliott wave pattern looks like. If a trader knows what a bearish Zig Zag pattern looks like, then it would become much easy for a currency trader to actually analyze the Forex charts and make a trading decision as well.
A Bearish Zig Zag consists of two Impulse Elliott wave patterns, joined by a B wave. We use A English alphabet to label first impulse Zig Zag wave leg and we use C English alphabet to label second Impulse Zig Zag wave leg. Please take a note that Bearish Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main down market trend.
Based on my GBP/USD technical analysis using Elliott Wave in daily chart, we have got an in-complete Bearish corrective wave B leg and price action is now rising up to first finish it – Wave B bullish leg. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid. Now, price action is probably going to move sideways to up and then falls down more to prints a bearish wave C leg. To me; in four hours chart of GBP/USD currency pair the bullish leg – wave y which is part of a higher degree wave B leg in daily chart is just a bullish pull back in a down trend as mentioned above as wave B corrective Zig Zag pattern inside a daily price chart.
Strong key resistance level is present at 1.4375 price area in GBP/USD daily chart. So, I expect market to first move up for next coming trading days and then may be starts the decline. So, in my opinion market is going to remain bearish overall and on a long term basis, expects a bearish leg in market. Next, market is probably going to resume the down trend after that in GBP/USD currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Long Term Forecast in GBP/USD is going to fail?
Well, the forecast is good for about next two weeks time and price should stays below 1.4375 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.4375 resistance area will end the down trend and bearish Elliott Wave Long Term Forecast; in such a market scenario, it would be best not to trade the market and re-analyze GBP/USD daily chart.
Based on GBP/USD Elliott Wave Weekly Forecast the trend is down in daily chart and a good idea is to look for a sell trade around 1.3683 price area, as price is going to drop more towards 1.2150 but a clear bullish break out in price action above 1.4375 vital resistance area will end the down trend. On a medium term basis, it is a bullish trend in GBP/USD 4 hours time frame and a good idea is to take a buy trade around 1.3080 price level and price is probably going to rise up towards 1.3360 price level. However; if the price of GBP/USD currency pair breaks below 1.2772 vital support level then bullish trend is going to end. We recommend trading with these top-rated brokers when using our signals/analyses/forecasts as they handle your trades quicker and more efficiently with very low spreads and most of them have high trade execution rate.
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