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GBP/JPY Elliott Wave Forecast 3rd August, 2017

GBP/JPY Elliott Wave Forecast 3rd August, 2017

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GBP/JPY Elliott Wave Forecast

GBP/JPY Elliott Wave Forecast in 15 Minutes chart

The bearish trend is present in GBP/JPY currency pair, 15 minutes time frame based on GBP/JPY Elliott Wave Forecast. As I have forecasted few hours ago, the price of GBP/JPY pair is going to drop up now on a short-term basis to prints a Bearish Zig Zag Elliott wave c leg and traders should look for a sell trade. So, all those Forex traders who have followed my analysis have made the right decision as price has descended.

Strong key resistance level is present at 146.60 price area which is the termination point of bullish wave b leg. In my judgment, price action in GBP/JPY currency pair is now falling down to print a Bearish Wave c pattern. So, market is going to remain sideways and then price action is going to resume the down trend as Corrective bearish Zig Zag Elliott wave pattern looks in-complete. Based on Elliott wave analysis, the current bearish price action is Bearish Zig Zag which is part of a higher degree bearish wave C Elliott wave leg.

Currently, Bearish Zig Zag Elliott wave pattern looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 146.16 price area.

However; if the price of GBP/JPY currency pair breaks above 146.60 vital resistance level then down 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/JPY Elliott wave analysis in fifteen minutes chart.

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Now, at this point; I must acknowledge that the trend is actually bullish in higher time frame of GBP/JPY currency pair.

GBP/JPY Elliott Wave Forecast in 4 Hours chart

Below is the 4 hours chart of GBP/JPY pair with my Elliott wave analysis which shows us a big picture and a well started bullish trend as well.

GBP/JPY Elliott Wave Forecast

To me; price is trying to complete the Bullish Running Triangle Elliott wave pattern. Now, market is falling down to complete the bearish Wave C leg. The bearish wave C leg is not the last and final decline as price is going to rise up and down again to complete the Bullish Running Triangle Elliott Wave pattern. Within the Bearish Wave C pattern, all sub-waves must sub-divides into a, b and c single or double Zig Zag pattern.

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

Bullish Running Triangle

Based on my GBP/JPY Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bullish Running Triangle pattern. Now, price is probably going to falls lower to complete the Bearish wave C leg. To me; in fifteen minutes chart of GBP/JPY currency pair the bullish leg wave b in price action was just a pull back in a down trend as mentioned above as a bearish Zig Zag leg.

Strong key support level is present at 144.79 in GBP/JPY four hours chart. So, I expect market to falls down more now to complete the bearish wave C. Next, expect a bullish wave d leg as well. So, in my opinion market is going to remain sideways and then resume the up trend in GBP/JPY currency pair, in 4 hours chart.

However; price should stays above 144.79 support area in 4 hours time frame to keep the down trend alive. A clear bearish break down in price action below 144.79 support area will end up trend and in such a market scenario, it would be best not to trade the market and re-analyze GBP/JPY 4 hours chart.

Summary

Based on GBP/JPY Elliott Wave Forecast the trend is up in 4 hours chart and a good idea is to look for a buy trade around 145.15 price area, as price is going to rise up towards 146.20 but a clear bearish break down in price action below 144.79 vital support area will end the up trend. On a short term basis, it is a bearish trend in GBP/JPY 15 minutes time frame and a good idea is to take a sell trade around 146.16 price level and price is probably going to drop towards 145.55 price level. However; if the price of GBP/JPY currency pair breaks above 146.60 vital resistance level then bearish 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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One Reply to “GBP/JPY Elliott Wave Forecast 3rd August, 2017”

  1. Is there any service of M Azeem in which I can be notified on my whatsapp/email for his new forecast so based upon those forecast I can place my trade ?

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