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GBP/USD Up trend in 4 hours chart

Tuesday, November 15, 2016 12:17
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gbp-usd-4HTrend is bullish in GBP/USD currency pair, 4 hour time frame. As I have suggested past week during my daily Live trading room session, market is rising up on a short term basis to complete Bullish Double Zig Zag Elliott Wave pattern and traders should look for a long trade. So, all those Forex traders who have followed the analysis have made the right decision as the price has ascended. Strong key support level is present at 1.2082 price level.

Be sure to check out daily Forex market updates via Live Trading Room. In my judgement, price action in GBP/USD is now going to rise up more towards 1.3095 price level to complete a bullish corrective Elliott wave Double Zig Zag pattern, in coming trading days.

Currently; Bullish Double Zig Zag Pattern looks in-complete and price action offers a possible Buy trade setup to join an up trend. However; if price of GBP/USD currency pair breaks below 1.2082 critical support level then I might like to stay out of the market and re-examine the four hour chart of GBP/USD currency pair.


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