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GBP/USD Elliott Wave Forecast 6th October, 2017

GBP/USD Elliott Wave Forecast 6th October, 2017

GBP/USD Elliott Wave Forecast

GBP/USD Elliott Wave Forecast in 15 Minutes chart

The bearish 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 drop now on a short-term basis to prints a Bearish Impulse Elliott wave pattern 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 1.3227 price area which is the termination point of bearish wave 1 leg. In my judgment, price action in GBP/USD currency pair is now going to drop more to print a Bearish wave 5leg. So, market is going to remain bearish to complete the corrective Elliott wave pattern which looks in-complete. Based on Elliott wave analysis, the current bearish price action is the bearish wave C which is part of a higher degree corrective Double Zig Zag wave Y Elliott wave pattern.

Currently, Bearish Impulse Elliott wave c leg looks in-complete. So, a good idea is to look for a possible sell trading chance to join the down trend around 1.3095 price area. However; if the price of GBP/USD currency pair breaks above 1.3227 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/USD Elliott wave analysis in fifteen minutes chart.

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Now, at this point; I must acknowledge that the trend is also bearish 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 bearish trend as well.

GBP/USD Elliott Wave Forecast

To me; price is trying to complete the Bearish Double Zig Zag corrective Elliott wave pattern. The bearish wave C leg is the last and decline as price is going to prints a bottom after that. Within the Bearish Double Zig Zag pattern, all sub-waves must sub-divides into corrective 3, 3 and 3 waves Elliott pattern.

The following Elliott Wave Corrective pattern diagram shows us a completed Bearish Double Zig Zag wave within the frame work of Elliott wave principle.

Double Zig Zag pattern

Based on my GBP/USD Elliott Wave Forecast in 4 hours chart, we have got an in-complete Bearish wave c. Now, price is probably going to falls more lower to complete the bearish wave c leg. To me; in fifteen minutes chart of GBP/USD currency pair the bullish leg wave 4 in price action is just a pull back in a down trend as mentioned above as a Zig Zag leg inside a 15 minutes price chart.

Strong key resistance level is present at 1.3290 in GBP/USD four hours chart. So, I expect market to falls down more now to complete the bearish wave c leg. So, in my opinion market is going to remain sideways and then resume the down trend in GBP/USD currency pair, in 4 hours chart.

However; price should stays below 1.3290 resistance area in 4 hours time frame to keep the down trend alive. A clear bullish break out in price action above 1.3290 resistance area will end the down 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 down in 4 hours chart and a good idea is to look for a sell trade around 1.3071 price area, as price is going to drop more towards 1.3045 but a clear bullish break out in price action above 1.3290 vital resistance area will end the down trend. On a short term basis, it is again a bearish trend in GBP/USD 15 minutes time frame and a good idea is to take a sell trade around 1.3095 price level and price is probably going to drop towards 1.3055 price level. However; if the price of GBP/USD currency pair breaks above 1.3227 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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