is present in GBP/JPY currency pair, 15 minutes chart. As I have suggested via my Forecast few hours ago, during my daily Forex Live Trading Room session, the price of GBP/JPY currency pair is going to rise up now on a short-term basis to create a Impulse pattern and Spot Forex traders should consider taking a possible buy trading chance.
So, all those Forex traders who have followed my Forecast have made the right decision as price has started the impulse wave iii leg. Strong key is present at 146.61 price level which is the termination point of Impulse wave i leg. In my opinion, price action in GBP/JPY currency pair has not completed wave iii Impulse pattern. So, based on forecast, impulse wave iii leg is going to move price up, towards 147.40 price area in coming trading hours.
Next, price action is most likely going to prints a short term top as well in coming trading hours after completing impulse wave iii pattern. As the trend is still , Forex traders should consider only long trades and no trade against the current GBP/JPY as it is always easy to trade in the favour of market trend. Currently, wave iii leg which is part of the impulse pattern looks half finish. A good idea is to look for a possible buy trading chance to join an up trend around 147.11 price area.
However; if the price action in GBP/JPY spot Forex pair breaks below 146.61 important then forecast will become in-valid. 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. Forex traders who are interested to learn Trading with are welcome to visit ReadyForex.com