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Bearish continuation candle

Bearish continuation candle | 12 July 2017

12 July 2017, GBP/USD

Bearish continuation candle

Wave Analysis:

During the previous trading day, the cable opened at 1.2879, went as high as 1.2927 and as low as 1.2831, but ended up closing 1.2845, just a couple of pips below its opening price. The previous day's candle is a perfect bearish continuation candle and could be an onset to the previously anticipated bearish wave count. Ideally, during this intraday, we expect a possible bearish wave count towards 1.27356 and could break lower. If you're not short already, you could wait and short on a clear break below 1.27356 or buy this pair on a rebound from 1.27735-1.27356. Expect a similar wave count in EURUSD, NZDUSD and AUDUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday.

Trade Recommendations:

Expect a possible bearish price rally towards 1.27735

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Bob Stan
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