GBP/USD Elliott Wave Analysis in 15 Minutes chart

Bullish trend is present in GBP/USD currency pair, 15 minutes chart. The price of GBP/USD currency pair is going to rise up now on a short-term basis to create a Bullish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible buy trading chance.

Strong key resistance level is present at 1.3176 price level which is the originating point of Bearish wave (i) pattern. In my opinion, price action in GBP/USD currency pair is in the process to complete Bearish Impulse wave (iii)Elliott wave pattern. So, I expect the market to first move up and then resume the down trend and falls towards 1.3075 price area in coming trading hours.

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 wave (iii) Elliott wave pattern looks half finish. A good idea is to wait for the market to first rise up more and then 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 1.3176 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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