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GBP/USD – Down trend in 15 Minutes chart

Wednesday, November 9, 2016 15:09
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(Before It's News)

gbp-usd-15-MTrend is bearish in GBP/USD currency pair in 15 minutes time frame. Short term key resistance level is present at 1.2556 price level. Based on Elliott wave analysis, we have seen a top at 1.2556 price level.

Now price is most likely going to drop more towards 1.2275 price level. A good idea is to look for a possible sell trade and join the down trend in GBP/USD currency pair.

However; if price is going to move sideways or start moving up then I will stop myself from trading and re-analyze the price action in GBP/USD currency pair fifteen minutes time frame.

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  • It’s definitely looking for downside journey, but we just need to be slightly careful with our approach because that’s where everything can be gained or lost. I am using swap free account with OctaFX broker, it’s awesome and helps working out nicely with no fear of paying overnight charges, so that really makes me feel comfortable and relaxed while they also have got 24/5 support service available which also keeps one relaxed and whenever we face even slightest issue, it can be dealt with.

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