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Bearish inside bar

Bearish inside bar | 10 August 2017

10 August 2017, GBP/USD

Bearish inside bar

Wave Analysis:

During the previous trading day, the cable opened at 1.2988 went as high as 1.3027 and as low as 1.2967 but ended up closing at 1.3004, just a few pips below above its opening price. The previous day's candle is pretty mush inside the Tuesday's candle. This is a potential bearish signal and as long as the price remains below the short term resistance level 1.3025, we expect a possible bearish price rally towards the daily support 1.2774, if this support is broken, then we expect further bearish rally towards 1.2440. This pair have a strong positive correlation to EURUSD and NZDUSD and will move in the same direction during this trading. While you'll be looking for short position in this pair, also short the others.

Trade Recommendations:

Short this pair with an ideal target at 1.2774

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Bob Stan
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