Bearish trend is present in GBP/JPY currency pair, 15 minutes chart. As I have suggested a few hours ago, during my daily Forex Live Trading Room session, the price of GBP/JPY currency pair is going to drop now on a short-term basis to create a Bearish Zig Zag Elliott wave pattern and Spot Forex traders should consider taking a possible sell trading chance.
Strong key resistance level is present at 142.97 price level which is the originating point of Bearish impulse wave A. In my opinion, price action in GBP/JPY currency pair has completed bullish wave B corrective Elliott wave pattern. Based on Elliott wave analysis, Bearish Impulse Wave C impulse pattern is now in progress. So, I expect the market to first move sideways and then resume the down trend and falls towards 141.15 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 C pattern. As the trend is still Bearish, Forex traders should consider only short trades and no trade against the current GBP/JPY Bearish trend as it is always easy to trade in the favor of market trend.
Currently, Bearish wave C leg which is part of the Bearish Zig Zag 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/JPY spot Forex pair breaks above 142.97 important resistance level then Bearish Elliott wave analysis will become invalid. From this time forward, I may seize the opportunity to stay out of the market and re-assess the GBP/JPY currency pair price movement in fifteen minutes chart. Spot Forex traders who are interested to learn Price Patterns click here.
