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 a few hours ago, 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.

Strong key resistance level is present at 1.3228 price level which is the ending point of bearish wave i leg. In my opinion, the price action in GBP/USD currency pair has not completed Bullish wave iv Zig Zag corrective wave and currently, the price action is moving up to complete the bullish Zig Zag Elliott wave pattern.

Based on Elliott wave analysis, Bearish Impulse pattern wave v is going to start the bullish wave iv pull back. So, I expect the market to first move sideways and then resume the down trend and drop towards 1.3105 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, bullish wave iv corrective pattern which is part of the Bearish Impulse Elliott wave pattern looks half finished. So, wait for the price to rise up more and then 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 1.3228 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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