GBP/JPY Elliott Wave Forecast 24th May 2018
Muhammad Azeem | May 24, 2018 06:38AM ET
GBP/JPY Elliott Wave Forecast in 15 Minutes chart
Bullish trend is present in GBP/JPY currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Forecast few hours ago, during my daily Forex Live Trading Room session, the price of GBP/JPY currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.
So, all those Forex traders who have followed my Elliott Wave Forecast have made the right decision as price has started the bullish impulse wave iii leg. Strong key support level is present at 146.61 price level which is the termination point of Bullish Impulse wave i leg. In my opinion, price action in GBP/JPY currency pair has not completed bullish wave iii Impulse Elliott wave pattern. So, based on Elliott wave forecast, Bullish impulse wave iii leg is going to move price up, towards 147.40 price area in coming trading hours.
Next, price action is most likely going to prints a short term top as well in coming trading hours after completing bullish impulse wave iii pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current GBP/JPY bullish trend as it is always easy to trade in the favour of market trend. Currently, bullish wave iii leg which is part of the Bullish impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 147.11 price area.
However; if the price action in GBP/JPY spot Forex pair breaks below 146.61 important support level then Bullish Elliott wave forecast will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the GBP/JPY currency pair price movement in fifteen minutes chart.
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