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Look for a short position now

Look for a short position now | 16 April 2018

16 April 2018, GBP/USD

Look for a short position now

Wave Analysis

During the previous week on Friday, the Friday's candle opened 1.42289 at went as low as 1.4207 and a high as 1.42962 but ended up closing at 1.42356, just a few pips above it's opening price. The Friday's candle is a perfect bearish pin candle and indicates a possible sellers come in. Thus, as long as the price remains around 1.42352, we expect the Friday's candle to have marked the end of the corrective wave (b) to the upperside, that, any clear move to the lowerside will be the continuation of the impulsive wave (c) to the lowerside and should not go beyond 1.36169.

Trade Recommendations:

Look for a short position now towards 1.36169

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Bob Stan
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