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GBP/USD Elliott Wave Analysis 16th August 2017


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GBP/USD Elliott Wave Analysis by ReadyForex.com

GBP/USD Elliott Wave Analysis in 15 Minutes chart

Bearish trend is present in GBP/USD currency pair, 15 minutes chart. As I have suggested few hours ago, during my daily Forex Live Trading Room session, the price of GBP/USD currency pair is going to drop now on a short-term basis to create a Bearish Impulse Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.

So, all those Forex traders who have followed my Elliott Wave Analysis have made the right decision as price has started the bearish leg. Strong key resistance level is present at 1.2902 price level which is the ending point of Bearish Flat wave iv leg. In my opinion, price action in GBP/USD currency pair has completed bullish wave iv corrective Elliott wave pattern. Based on Elliott wave analysis, Bearish Impulse wave pattern is now in progress. So, I expect the market to first move sideways and then resume the down trend to drop towards 1.2835 price area in coming trading hours.

Next, price action is most likely going to prints a bottom as well in coming trading hours after completing bearish impulse wave v 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 v leg which is part of the Bearish Impulse Elliott wave pattern looks half finish. A good idea is to 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 1.2902 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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About the author


Mr. Muhammad Azeem's website is https://www.readyforex.com, online since year 2006.

  • He has passed Certified Elliott Wave Analyst Level 1 Exam with 93% score.
    He teaches Trading With Elliott Wave online course in a 1 to 1 online classes format. 
  • He is the developer and teacher of an online Price Patterns Trading video course
    which is available for Forex traders and investors
  • On a daily basis, Mr. Azeem runs his own Forex Live Trading Room which covers
    London and NewYork market sessions. You an join today and find out for yourself
    just how social trading can be!

Trading Style and Methodology
Mr. Azeem is a pure technician and he 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.

About Losing Trades:
I do lose trades, some times. So, losing trades do occur and it is the cost of doing the business over here. If I am in a losing trade then I usually try to close it as soon as possible and I do not marry my trades. Not to mention that I always trade with stop loss along with money management rules. I try to lose less and win more and that is why I keep making money in Forex trading.

About Winning Trades:
Winning trades do occur and I always wait with patience for a valid price pattern to develop on price charts. I usually do not trade with profit target or take profit. I let my profits run! I use different types of exit strategies (trailing stops) to pull maximum pips out of the market.

Mr. Muhammad Azeem
Certified Elliott Wave Analyst

WEB SITE https://www.ReadyForex.com
EMAIL readyforex@readyforex.com
SKYPE muhammad.azeem777
TWITTER https://twitter.com/readyforex

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