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Down trend in GBP/USD 15 Minutes chart

Thursday, October 6, 2016 12:54
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(Before It's News)

gbp-usd-15mTrend is bearish in GBP/USD currency pair in 15 minutes time frame. Short term key resistance level is present at 1.2664 price level.

Based on Elliott wave analysis, I expect price to drop more towards 1.2595 price level. A good idea is look for a sell trade and join the down trend. However; if price is going to rise above 1.2664 resistance level then down trend is going to end. In such case, I would prefer to stop myself from trading and stay out of the market.

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