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Bullish pin bar on the daily chart

Bullish pin bar on the daily chart | 03 July 2017

03 July 2017, GBP/USD

Bullish pin bar on the daily chart

Wave Analysis:

During the previous trading day, the cable opened at 1.3001, went as low as 1.2944, and as high as 1.3029, and closed at 1.3020. The previous day's candle is a perfect bullish pin bar and should drive the price upwards towards 1.3303. A break above this level will push the price further upwards but should not go beyond 1.3671. Expect a similar wave count in GBPCAD, GBPAUD, GBPCHF and EURUSD. These pairs have a strong positive correlation of up to +82% and will move in the same direction during this intraday.
Trade Recommendations:
Expect a possible bullish price rally towards 1.3303

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Bob Stan
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