Elliott Wave Forecast GBP/USD Short Term
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 falling down 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 forecast have made the right decision as the price has started the bearish leg. Strong key resistance level is present at 1.3134 price level which is the ending point of bearish wave i leg. In my opinion, the price action in GBP/USD currency pair has completed Bullish wave iv Zig Zag corrective wave and currently moving downwards to create a Bearish Impulse Elliott Wave Pattern. Based on Elliott wave forecast, Bearish Impulse pattern wave v is now in progress. So, I expect the market to first move sideways and then resume the down trend and drop towards 1.3040 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 wave v impulse wave 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 favor of market trend. Currently, bearish wave v pattern which is part of the Bearish Impulse Elliott wave pattern looks half finished. 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 1.3134 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.