GBP/USD Master Candle Marks Trend Continuation

Analyst, Full-Time Trader • Feb 8, 2017 at 7:10 AM EST

GBP/USD is still bullish and watch for a possible trend continuation.

(Click on image to enlarge)

As I showed on Session Recap webinar, the GBP/USD has been in a steady uptrend that was almost interrupted by a stop grabber candle that was initiated after bad GBP/USD data yesterday.

At this time we can see a Master Candle (MC) formed and a breakout above 1.2518 should spike the price towards 1.2560 and eventually 1.2600 zone.

If an MC breaks lower below 1.2474 then it should retrace to POC zone 1.2435-50 where we might see a bounce towards 1.2515 and above. At this point, the GBP/USD is still bullish and watch for a possible trend continuation.

Disclaimer:

The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilizing methods believed to be reliable, but we cannot accept responsibility for any trading losses you may incur as a result of this analysis.

Individuals should consult with their personal financial advisors before engaging in any trading activities.