Trend is down in GBP/USD currency pair in 4 hours chart. Strong key resistance level is present at 1.2415 price level. Based on Elliott Wave analysis, I expect price action to continue the decline towards 1.1975 price area.
A good idea is to look for a sell trade at the current price as it seems to me that market has printed a possible Bearish Expanded Flat Elliott wave pattern.
However; if price of GBP/USD currency pair breaks above 1.2415 resistance level then bearish Elliott wave count will become in-valid. In such market scenario, I would prefer to stay out of the market and re-analyze the price action in GBP/USD currency pair in four hours time frame.
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