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Possible bearish continuation candle on the daily chart

Possible bearish continuation candle on the daily chart | 13 June 2017

13 June 2017, GBP/USD

Possible bearish continuation candle on the daily chart
Wave Analysis:
During the previous trading day, the impulsive wave (c) traded on the lower ranges but could not hit our target take profit at 1.2444. During this intraday, we expect a possible extension of the impulsive wave (c) to the lower side with our target still intact at 1.2444. A clear break below this target level will push the price further to the lower side but should not go beyond 1.2156. This view can only be invalidated incase the pair end up breaking above 1.2777, if this is the case, then an acceleration to the upper side is inevitable. Expect a similar wave count in GBPCAD, GBPAUD and GBPCHF. Since the UK elections results release, these pairs have had a strong positive correlation and will move in the same direction during this intraday.
Trade Recommendations:

Expect a possible bearish price rally towards 1.2444.

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Bob Stan
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