gbp-usd-4h-FXITrend is bearish in four hours time frame. Critical resistance level is present at 1.4513 price level. In last few trading days, price action has showed signs of selling pressure and printed a bearish Wave A leg. Now, price is most likely going to rise up to print bullish Wave B leg. Wave B is going to be a Flat or Triangle pattern.

So, in next coming trading days, I expect a bullish leg in market. Based on current Elliott wave count, a good idea is to wait for market to print a bullish Wave B corrective pattern and then look for a sell trade. However; a decisive bullish break out in price action above 1.4513 resistance level will change down trend and then I might like to quit trading GBP/USD currency pair and redo 4 hours chart analysis.

By FXOpen