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Bearish pin bar

Bearish pin bar | 26 July 2017

26 July 2017, GBP/USD

Bearish pin bar

Wave Analysis

The previous candle opened at 1.30272, went as high as 1.30828 and low as 1.30068, but ended up closing at 1.30235, just a few pips below it's opening price. The previous day's candle is a perfect pin bar closing below a key level 1.30246, as long as this level shields the upper side, we expect a possible rebound from this level to short this pair with an ideal target at 1.27735. This view can only be invalidated in case the price end up above 1.30246 if this should be the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in AUDUSD, NZDUSD and EURUSD. These pairs have a strong positive correlation and will move in the same direction during this intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

Expect a possible bearish price rally towards 1.27735.

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Bob Stan
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