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Down trend in GBP/USD 15 Minutes Chart

Thursday, January 12, 2017 16:50
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1-13-2017 4-31-03 AMTrend is bearish in GBP/USD currency pair in 15 minutes time frame. Short term resistance is present at 1.2248 price level.

Based on Elliott wave analysis, I expect price of GBP/USD currency pair to continue the decline towards 1.2105 price level or a little bit lower than that as the drop is bearish Impulse Wave iii which is often the longest and strongest wave pattern.

A good idea is to look for a possible sell trade and join the down trend. However; if price of GBP/USD currency pair breaks above 1.2248 resistance level then down trend will end. In such market scenario I will stay out of the market and re-analyze the price action in fifteen minutes chart of GBP/USD currency pair.


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Total 1 comment
  • Ahmed

    I always enjoy trading following the trend, as that is far more beneficial, but we need to make sure we follow good money management level, as that is something entirely required. For me, it’s hardly issue to be concern about with OctaFX broker, as they are awesome with having 50% bonus on deposit which is use able while there are many other benefits too, so that’s why I enjoy it every bits and helps me trading out with confidence as well.

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