11-1-2016 12-48-54 AMTrend is bearish in GBP/USD currency pair in 1 hour time frame. Short term resistance is present at 1.2271 price level. Based on Elliott wave anlaysis, we got a bullish a, b and c corrective zig zag pattern which looks complete.

A good idea is to take a sell trade and join the down trend to ride and trade bearish Wave (3) leg. However; if bullish candlestick closes above 1.2271 critical resistance level then down trend is going to fail. In such case, I would prefer to stay out of the market and re-analyze the price action in GBP/USD currency pair, 1 hour chart.

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