Bullish pin bar | 01 September 2017

Wave Analysis:

During the previous trading day, the cable opened at 1.2921, went as low as 1.2851 and as high as 1.2934 but ended up closing at 1.2929, just a few pips above its opening price. The previous day's daily candle is a perfect bullish pin bar closing above a key short term resistance level 1.2902. As long as the price remains above this Resistance we expect a possible bullish price rally towards 1.3255. The anticipated upward rally is the continuation of the impulsive wave (E) to the upper side but should not go beyond 1.33. A similar bullish candle was seen in EURUSD and AUDUSD. meaning this pairs have a positive correlation and will move in the same direction today.

Trade Recommendations:

Buy the cable now with a target at 1.3255