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GBP/USD Elliott Wave Analysis 12th August 2017

GBP/USD Elliott Wave Analysis 12th August 2017
Tuesday, September 12th, 2017 @ 9:29 am by Muhammad Azeem

About Muhammad Azeem:

Muhammad Azeem

Mr. Azeem is a pure technician and solely employs technical market analysis in trading. He believes that the news is just the catalyst for technical events. In his opinion, prices are so far ahead of any news story as every conceivable fundamental possibility has already been discounted.

Muhammad is a regular participant in the FX Instructor Live Trading Room.

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GBP/USD Elliott Wave Analysis

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 few hours ago, 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.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bullish leg. Strong key support level is present at 1.3180 price level which is the ending point of Bullish impulse wave i leg. In my opinion, price action in GBP/USD currency pair has not completed bullish wave iii impulse Elliott wave pattern. So, based on Elliott wave analysis, Bullish Impulse wave pattern is now in progress and I expect the market to first move sideways and then resume an up trend to rise towards 1.3295 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 iii 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 favour 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 up trend.

However; if the price action in GBP/USD spot Forex pair breaks below 1.3180 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. Forex traders who are interested to learn Price Patterns click here.

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