GBP/USD Elliott Wave Analysis - Tuesday, February 20

GBP/USD Elliott Wave Analysis by ReadyForex.com

GBP/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in GBP/USD currency pair, 15 minutes chart. As I have suggested via my Elliott Wave Analysis a few hours ago, during my daily Forex Live Trading Room session, the price of GBP/USD currency pair is going to rise up now on a short-term basis to create a Bullish Zig Zag corrective Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg wave C. Strong key support level is present at 1.3930 price level which is the originating point of Bullish Impulse wave A leg. In my opinion, price action in GBP/USD currency pair has not completed bullish wave C impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave C leg is going to move price up, towards 1.4095 price area in coming trading hours.

Next, price action is most likely going to prints a short-term top as well in coming trading hours after completing bullish Impulse wave C pattern. As the trend is still bullish, Forex traders should consider only long trades and no trade against the current GBP/USD bullish trend as it is always easy to trade in the favor of market trend. Currently, bullish wave iii leg which is part of the Bullish Impulse Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an uptrend around 1.4020 price area.

However; if the price action in GBP/USD spot Forex pair breaks below 1.3930 important support level then Bullish 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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