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GBP/USD Elliott Wave Forecast 16th February, 2018

GBP/USD Elliott Wave Forecast 16th February, 2018

GBP/USD Elliott Wave Forecast

GBP/USD Elliott Wave Forecast in 15 Minutes chart

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 wave (v) 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 1.3923 price area which is the termination point of bullish Impulse Wave 1 leg. In my judgment, price action in GBP/USD currency pair is first going to move sideways and then rise up to prints a Bullish Impulse wave 3 leg. So, market is going to rise up more now to complete the Bullish Impulse Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bullish price action is the Bullish Impulse leg which is part of a higher degree Expanded Flat Elliott wave pattern leg.

Currently, Bullish Impulse Elliott wave pattern looks in-complete. So, a good idea is to look for a possible buy trading chance to join an up trend around 1.4129 price area. However; if the price of GBP/USD currency pair breaks below 1.3923 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.

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Now, at this point; I must acknowledge that the trend is also 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 pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.

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Bullish Impulse wave

To me; price is trying to complete the Bullish Impulse Elliott wave pattern. Now, market is moving up to complete the bullish wave 5 impulse wave leg. The bullish wave 5 leg is the last and final rise as price is going to prints a top after that. Within the Bullish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves structure pattern.

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

Bullish Impulse wave

Based on my GBP/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Impulse Elliott wave pattern. Now, price is probably going to rise up to complete the Bullish Impulse wave pattern 5. 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 Bearish Zig Zag Pattern corrective leg in a 15 minutes price chart.

Strong key support level is present at 1.3762 in GBP/USD four hours chart. So, I expect market to rise up more now to complete the Bullish Impulse wave 5 leg. So, in my opinion market is going to remain sideways a little bit and then resumes an up trend in GBP/USD currency pair, in 4 hours chart. However; price should stays above 1.3762 support area in 4 hours time frame to keep the up trend alive. A clear bearish break down in price action below 1.3923 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 1.4140 price area, as price is going to rise up towards 1.4385 but a clear bearish break down in price action below 1.3762 vital support area will end an up 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 1.4129 price level and price is probably going to rise towards 1.4155 price level. However; if the price of GBP/USD currency pair breaks below 1.3923 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 rates.

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