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Up trend in GBP/USD 4 hours chart – Bullish Zig Zag

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 Wave C leg which is part of a larger version of a Bullish Zig Zag 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 1.2797 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 1.4270 price level to complete bullish Wave C leg, in coming trading days.

Currently; bullish 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 1.2797 critical support level then I might like to stay out of the market and re-examine the four hours chart of GBP/USD currency pair.



This post first appeared on FX Instructor Forex Blog - For Traders, By Traders, please read the originial post: here

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Up trend in GBP/USD 4 hours chart – Bullish Zig Zag

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