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Based on technical analysis GBP/USD Elliott Wave Weekly Forecast, the bullish trend is present in GBP/USD currency pair. I am talking about 4 hours time frame based on GBP/USD Elliott Wave Weekly Forecast. As I have forecasted few hours ago, price of GBP/USD pair is going to rise up now to prints a Bullish Double Zig Zag Elliott wave. So, 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 1.1637 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 going to move higher. It will try to complete a Bullish Double Zig Zag corrective wave pattern – wave Y and then starts the decline. 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, current Bullish trend is part of a Bullish Zig Zag. It is called corrective Elliott wave pattern, wave 4 leg in higher time frame.
Currently, Bullish corrective Elliott wave pattern, wave Y leg looks in-complete. So, a good idea is to look for a possible buy trading chance to join up trend around 1.2382 price area. However; if price of GBP/USD currency pair breaks below 1.1637 vital support level then up trend is going to end. In such a market scenario, it would be best not to trade market and re-do GBP/USD Elliott wave analysis in four hours chart.
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Now, at this point; I must acknowledge that the trend actually bearish in higher time frame of GBP/USD currency pair.
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.
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To me; price have printed Bearish impulse wave 3 leg. So, expect price action in GBP/USD currency pair to move sideways to up. Next, expects a drop in price action to prints bearish impulse wave 5 leg. After that, price is going to prints a medium term bottom as well. Within Bearish Impulse Elliott wave pattern, all sub-waves must sub-divides into 5, 3, 5, 3 and 5 waves pattern.
The following Elliott Wave Bearish Impulse wave pattern diagram shows us a completed Bearish Impulse wave pattern within the frame work of Elliott wave principle.
The Bearish Impulse 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 lower swing highs and lower swing lows. Bearish Impulse Elliott wave pattern in a down trending market could be seen inside the above image. The figure shows what a Bearish Impulse Elliott wave pattern looks like. If a trader knows what a Bearish Impulse Wave 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 Impulse wave consists of total five waves. Three bearish legs in the favour of a down trend. And two bullish corrective Elliott wave patterns, against the down ward market trend. We use numbers to label impulse wave 1, 2, 3, 4 and 5. Inside wave 2 and 4, we use English alphabets to label corrective wave structures. Please take a note that Bearish Impulse Wave pattern is a motive Elliott wave pattern. It appears at a trending market environment and moves in the favour of larger down ward market trend.
Based on my GBP/USD using Elliott Wave in daily chart, we have got an in-complete bullish wave 4 Zig Zag leg. So, market is going to first move sideways and then drop more to prints bearish Impulse wave 5 pattern. However; it is possible if price breaks above blue colour resistance line then forecast will become in-valid.
To me; in four hours chart of GBP/USD currency pair the bullish wave Y leg which is part of a higher degree wave 4 corrective pattern in daily chart is just a bullish leg in a down trend. As mentioned above as Bullish Double Zig Zag corrective wave leg inside a 4 hours chart.
Strong key resistance level is present at 1.2725 price area in GBP/USD daily chart. So, I expect market to first move sideways for next coming trading days and then may be start moving down. So, in my opinion market is going to remain bearish overall. And on a medium to long term basis, expects a sideways to bearish leg in market. Next, market is probably going to resume the Bearish trend after that in GBP/USD currency pair, in daily chart.
Now, when an existing Bearish Elliott Wave Weekly Forecast in GBP/USD is going to fail?
Well, the forecast is good for about next two weeks time. And price should stays below 1.2725 resistance area in daily time frame to keep the down trend alive. A clear bullish break out in price action above 1.2725 resistance area will end the down trend. It will also fail bearish Elliott Wave Weekly Forecast as well. 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. A good idea is to look for a sell trade around 1.2293 price area. As price action is going to drop lower towards 1.1366. But a clear bullish break out in price action above 1.2725 vital resistance area will end down trend. On a medium term basis, it is a bearish trend in GBP/USD 4 hours time frame.
A good idea is to take a buy trade around 1.2382 price level. Next, price is probably going to rise up towards 1.2601 price level. However; if price of GBP/USD currency pair breaks below 1.1637 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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