12 April 2018, GBP/USD
Wave Analysis:
During the previous trading day, the cable opened at 1.41730, went as high as 1.4223 and as low as 1.4106 , but ended up closing at 1.4173, just a few pips above its opening price. The previous day's candle is a perfect bearish pin bar candle. The only problem is that, the candle is several pips away from our sellers territory 1.4278. Despite this pin bar, we're likely to witness an upward rally but should not go beyond the daily resistance level 1.4278, which is a potential sellers area. You could remain flat and wait for a long term sell upon a rebound from 1.4278.
Trade Recommendations:
Wait for a possible long term sell upon a rebound from 1.4278.
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