Possible Bullish pin bar | 06 July 2017

06 July 2017, GBP/USD

Possible Bullish pin bar

Wave Analysis:

Despite our expectations that the cable could drop further towards 1.1269, yesterday, this pair hit the lows of 1.2892 but ended up closing at 1.2932 just a few pips above it's opening price, 1.2918. The previous day's candle is a possible bullish pin bar candle and could drive the price further upwards. From the current chart set up, 1.2892, marked a possible end of the corrective wave (b) that the current upward rally is the continuation of the impulsive wave (c) to the upper side with a target at 1.33. Although this upward rally is highly anticipated, we'll wait for break above the resistance level 1.3025 to confirm the continuation of this upward rally. Expect an exact opposite price rally in USDCHF, USDJPY and USDCAD.

Trade Recommendations:

If you're not long already, you could wait and buy this pair above 1.3025 with a target at 1.33

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Bob Stan
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