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we're still long

we're still long | 02 June 2017

02 June 2017, GBP/USD

Wave Analysis:
Despite the bullish engulfing pin bar seen on May 31st 2017, yesterday's daily candle could not close above it's opening price. Instead this pair pullback slightly to the lower side and ended up closing just a few pips below its previous day's opening price. As long as the level 1.2777 is not violated to the lower side, we expect a possible bullish price rally towards 1.33. This view can only be invalidated in case the pair end up below 1.2777, if this is the case, then an acceleration towards 1.244 is inevitable. Expect a similar wave count in EURUSD, GBPHKD and GBPCAD. These pairs will have a similar price action during this intraday.
Trade Recommendations:

Expect a possible bullish price rally towards 1.33

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Bob Stan
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