Elliott waves analysis – Bullish pin bar candle

GBPUSD – Flat

Look for a buy position towards 1.33320.

Wave Analysis

During the previous trading week, the cable opened at 1.29291, went as high as 1.29594 and as low as 1.277729 , but ended up closing at 1.2889 just a few pips below its opening price. The previous week’s candle was a prefect bullish pin bar candle. And since the previous month’s candle was a bullish continuation candle, we expect the previous week’;s candle to drive price even higher towards 1.33020. and should price break above this level, then a move even higher is expected.

Trade Recommendation:

Look for a buy position towards 1.33320.

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