GBP/USD Elliott Wave Analysis 31st May 2018

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 Triple Zig Zag 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 1.3277 price level which is the termination point of Bearish corrective wave X leg. In my opinion, price action in GBP/USD currency pair has not completed bullish wave Z corrective Elliott wave pattern. So, based on Elliott wave analysis, Bullish wave C leg is going to start after few hours time and I expect the market to resume an up trend to rise towards 1.3360 price area in coming trading hours.

Next, price action is most likely going to prints a top as well in coming trading hours after completing bullish corrective wave Z 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 Z leg which is part of the Bullish Triple Zig Zag corrective Elliott wave pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 1.3336 price area.

However; if the price action in GBP/USD spot Forex pair breaks below 1.3277 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.