Bearish Pin bar on the daily chart | 03 Juli 2020

03 Juli 2020, GBP/USD

Bearish Pin bar on the daily chart

Wave Analysis

The previous day the British pound opened at 1.2468, went as high as 1.2529, but ended up closing at 1.2465 just a few pips below its opening price, the previous day's candle is a perfect bearish pin bar candle. As long as the price remains below the previous day's highest high, we expect nothing but a possible momentum to the lower side, the anticipated bearish price rally is the continuation of a corrective wave count and could see price break below 1.22540 towards 1.21310.

Trade Recommendations:

Remain short towards 1.21310.

Bob Stan
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