GBP/USD Elliott Wave Forecast in 15 Minutes chart
A bearish trend is present in GBP/USD currency pair, 15 minutes chart. The price of GBP/USD currency pair is going to drop now on a short-term basis to create a Bullish Impulse Elliott wave pattern and traders should consider taking a possible sell trading chance.
A strong key resistance level is present at 1.3568 price level. In my opinion, the price action in GBP/USD currency pair has completed the bullish wave ii Zig Zag corrective pattern and now expect a bearish impulse wave iii Elliott wave pattern. So, based on Elliott wave forecast, bearish wave iii leg is going to move price action down, towards 1.3455 price area in coming trading hours to complete bearish impulse wave iii leg.
Next, the 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 favor of market trend. Currently, bearish impulse wave iii leg looks half finished. A good idea is to look for a possible sell trading chance to join the downtrend around 1.3486 price area.
However; if the price action in GBP/USD Spot Forex pair breaks above 1.3568 important resistance level then Bearish Elliott wave forecast will become invalid. 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.
