Based on technical analysis the bullish trend is present in EUR/GBP currency pair, 4 hours time frame based on EUR/GBP Elliott Wave Long Term Forecast. As I have forecasted few hours ago, the price of EUR/GBP pair is going to rise up now 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 Elliott wave forecast have made the right decision as price has ascended.
Strong key support level is present at 0.8809 price area which is the termination point of Bearish corrective wave b leg. In my judgment, price action in EUR/GBP currency pair is now going to rise up more to prints a bullish wave c leg. So, market is going to remain bullish on a short term basis. Next, expects a short term top in price action as well. Based on Elliott wave forecast, the current Bullish trend is part of a Bullish Double Zig Zag Elliott Wave corrective pattern, wave 2 leg in higher time frame.
Currently, bullish impulse Elliott wave pattern wave c looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 0.9015 price area. However; if the price of EUR/GBP currency pair breaks below 0.8809 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 EUR/GBP 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 EUR/GBP currency pair.
Below is the daily chart of EUR/GBP pair with my Elliott wave forecast which shows us a big picture and a well started bearish trend as well.
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To me; price action is in process to prints Bullish Double Zig Zag corrective wave 2 leg. Now, price action is rising up to complete the corrective wave 2 pattern. So, now market is moving up and then starts the decline on a long term basis to complete the bearish impulse wave 3 leg. The bearish impulse wave 3 leg is the not the last and final decline and price is going to prints a short term bottom after that. Within the Bearish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5 3 and 5 waves pattern.
The following Elliott Wave Bullish Double Zig Zag corrective pattern diagram shows us a completed Bullish corrective Elliott wave pattern within the frame work of Elliott wave principle.
The following Elliott Wave Bullish Double Zig Zag corrective pattern diagram shows us a completed Bullish Double Zig Zag pattern within the frame work of Elliott wave principle.
The Bullish Double Zig Zag wave pattern of the Elliott wave analysis shows that how price action does not moves in a straight line fashion but in a series of highs (rises) and lows (retracements). Bullish Double Zig Zag Elliott wave pattern in an up trending market could be seen inside the above image. The figure shows what a Bullish Double Zig Zag wave pattern looks like. If a trader knows what a Bullish Double Zig Zag 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 Bullish Double Zig Zag consists of two Zig Zags Elliott wave patterns, joined by an X wave. We use W English alphabet to label first Zig Zag wave leg and we use Y English alphabet to label second Zig Zag wave leg. Please take a note that Zig Zag pattern is a corrective Elliott wave pattern which appears at a pull back in a main market trend and so the Bullish Double Zig Zag.
Based on my EUR/GBP technical analysis using Elliott Wave analysis in daily chart, we have got a in-complete Bullish corrective wave 2 leg and price action is now going to rise up first to complete the corrective wave 2 leg and then start the decline to prints bearish wave 3 impulse leg. However; it is possible if price breaks above blue colour resistance line then bearish forecast will become in-valid. Now, price action is probably going to move sideways and then fall down more to prints a bearish impulse wave 3 leg. To me; in four hours chart of EUR/GBP currency pair the bullish leg –Zig Zag pattern which is part of a higher degree wave 2 in daily chart is just a bullish pull back in a down trend leg as mentioned above as wave 2 corrective pattern inside a daily price chart.
Strong key resistance level is present at 0.9305 price area in EUR/GBP daily chart. So, I expect market to first move sideways 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 medium to long term basis, expects a bearish leg in market. Next, market is probably going to resume the down trend after that in EUR/GBP currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Long Term Forecast in EUR/GBP is going to fail?
Well, the forecast is good for about next two weeks time and price should stays below 0.9305 resistance area in daily time frame to keep the down trend alive. A clear bullish out in price action above 0.9305 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 EUR/GBP daily chart.
Based on GBP/USD Elliott Wave Long Term analysis the trend is down in daily chart and a good idea is to look for a sell trade around 0.9180 price area, as price is going to drop more towards 0.8275 but a clear bullish break out in price action above 0.9305 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 0.9015 price level and price is probably going to rise up towards 0.9105 price level. However; if the price of GBP/USD currency pair breaks below; 0.8809 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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