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Bullish pin bar closing above 1.2461 on the daily chart

Bullish pin bar closing above 1.2461 on the daily chart | 22 February 2017

22 February 2017, GBP/USD

Bullish pin bar closing above 1.2461 on the daily chart

Wave Analysis:

Instead of going short as previously forecasted, the cable retraced higher than expected and ended up forming a bullish pin bar closing above 1.2461 on the daily chart. This pin bar is a clear sign that the buyers are encroaching the market, thus, during this intraday, we're only interested in potential buy positions. In the meantime, we choose to remain flat momentarily and hunt for clear signals to go long with the first ideal target at 1.2725 and the next target at 1.2919. Expect a similar wave count in GBPAUD, GBPNZD, GBPCHF and EURUSD. These pairs have a strong positive correlation of up to +71% and will have a similar price action during this intraday.

Trade Recommendations:

As long as the pair remains above 1.2461, look for potential buy positions with an ideal target at 1.2725.

Bob Stan
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