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Bullish engulfing candle still holding, looking to rebuy the green candle

Bullish engulfing candle still holding, looking to rebuy the green candle | 09 February 2017

09 February 2017, GBP/USD

Wave Analysis

Earlier this week, the cable rebounded perfectly from the pivot level 1.2417 and even ended up forming a perfect bullish engulfing candle on Feb 7th 2017; above this level. We're still holding onto the long position we executed yesterday with our first target at 1.2725. and the next target at 1.342. This view can only be rendered futile in case the pair end up below 1.2417, if this is the case, then an acceleration to the lower side is inevitable. Expect a similar price action in EURUSD, GBPAUD and GBPCHF. These pairs have a strong positive correlation of up to +82% and will have a similar price action during intraday. Only buy or sell the cable if the other positively correlated pairs are giving the same signal.

Trade Recommendations:

We're long from 1.2472 with our first target at 1.2725.

Bob Stan
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