Bearish pin bar, a possible sign of sellers come back. | 02 May 2019
02 May 2019, GBP/USD
Wave Analysis
Yesterday, the cable opened at , went as high as 1.31025 and as low as 1.30257, but ended up closing at 1.3026, just a few pips above it's opening price. The previous day's candle is a good bearish pin bar, and possible sign that the price is heading to the lower side. As we mentioned in the previous analysis, we expect a steep decline from where the price is now towards the daily support level 1.27618. If you're s a bit skeptic to sell this pair now, you could wait for a bounce from 1.27618 to pick a low risk buy order towards 1.33130.
Trade Recommendations:
Sell the cable now with your take profit at 1.27618
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The author's opinion reflects their personal view and is not an investment recommendation. The company is not responsible for any trading results based on the provided analytical data.
