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Bearish pullbacks despite the bullish engulfing pin bar on the daily chart

Bearish pullbacks despite the bullish engulfing pin bar on the daily chart | 01 June 2017

01 June 2017, GBP/USD

Bearish pullbacks despite the bullish engulfing pin bar on the daily chart

Wave Analysis:
Upon rebounded from the daily support 1.2777, the cable traded massively long and is still showing signs of possible momentum to the upper side. We expect the current bearish price rally to be a mere correction and should not go beyond 1.2777 from where we'll be looking to re buy this pair at the least risk possible. If you're not long already, you could wait for a pullback towards 1.2777 to buy this pair again. Ideally, as long as the price remains above 1.2777, we expect a possible impulsive bullish wave count towards 1.33. Expect a similar wave count in GBPCAD and EURUSD. These pairs will have a similar wave count during this intraday.
Trade Recommendations:

Expect a possible bullish wave count towards 1.33

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Bob Stan
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