GBP/USD Elliott Wave Analysis For 16th August 2017
Muhammad Azeem | Aug 16, 2017 10:10AM ET
GBP/USD Elliott Wave Analysis in 15 Minutes chart
Bearish trend is present in GBP/USD currency pair, 15 minutes chart. As I have suggested few hours ago, during my daily Forex Live Trading Room session, the price of GBP/USD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
So, all those forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bearish leg. Strong key resistance level is present at 1.2902 price level which is the ending point of Bearish Flat wave iv leg. In my opinion, price action in GBP/USD currency pair has completed bullish wave iv corrective Elliott wave pattern. Based on Elliott wave analysis, Bearish Impulse wave pattern is now in progress. So, I expect the market to first move sideways and then resume the down trend to drop towards 1.2835 price area in coming trading hours.
Next, price action is most likely going to prints a bottom as well in coming trading hours after completing bearish impulse wave v pattern. As the trend is still bearish, forex traders should consider only short trades and no trade against the current GBP/USD bearish trend as it is always easy to trade in the favour of market trend. Currently, bearish wave v leg which is part of the Bearish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible sell trading chance to join the down trend.
However; if the price action in GBP/USD spot forex pair breaks above 1.2902 important resistance level then Bearish Elliott wave analysis will become in-valid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the GBP/USD currency pair price movement in fifteen minutes chart.
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