GBPUSD - Bullish Pin Bar

Razvan Mihai

Analyst

On the H4 chart of GBPUSD can be observed a bullish Pin Bar. Known also as a Hammer candlestick pattern. But this is not the only bullish signal given by technical analysis. The price has broken a Rising Wedge and the RSI has drawn a divergence.

All these combined tell us that there is a good probability for the price to start a rally in favor of the cable. Even though the current setup is bullish, for a higher probability entry, traders should wait for the confirmation, break above the local resistance.

If the price will rally above 1.5327 we are expecting for it to target 1.5425. On the other hand a break below 1.5200 will invalidate the bullish scenario.

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