GBP/USD Elliott Wave Forecast For 18 May 2018
Muhammad Azeem | May 18, 2018 07:33AM ET
GBP/USD Elliott Wave Forecast in 15 Minutes chart
Bearish trend is present in GBP/USD 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/USD currency pair is going to drop now on a short-term basis to create a Bullish 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 forecast have made the right decision as price has started the decline - bearish impulse wave iii leg. Strong key resistance level is present at 1.3568 price level. In my opinion, price action in GBP/USD currency pair has completed the bullish wave ii Zig Zag corrective pattern and now expect a bearish impulse wave iii Elliott wave pattern. So, based on Elliott wave forecast, bearish wave iii leg is going to move price action down, towards 1.3455 price area in coming trading hours to complete bearish impulse wave iii leg.
Next, price action is most likely going to prints a short term bottom as well in coming trading hours after completing bearish impulse wave iii 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 impulse wave iii leg looks half finish. A good idea is to look for a possible sell trading chance to join the down trend around 1.3486 price area.
However; if the price action in GBP/USD Spot Forex pair breaks above 1.3568 important resistance level then Bearish 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/USD currency pair price movement in fifteen minutes chart. Forex traders who are interested to learn Trading with Elliott wave click here .
Get The News You Want
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.