GBPUSD: Waiting for pull back from support | February 12, 2017

Gbpusd has started bullish rally recently from 1.2000 key support level and made high at 1.2700. Then it started some retracement. It touched 50% retrace and rejected from 200 EMA on h4 time frame. Now this pair is staying above 38.2% fibo level. So we can expect pull back from this level.

Daily chart pin bar is still valid. So we can look for buy for the bullish pin bar level on fibo 50 level. Target will be 1.2650 level and stop loss will be below the pin bar on daily time frame.

Stochastic indicator is staying on oversold area. So now buyers will try to take control on gbpusd pair. So if any bullish rejection candle on h1, h4 can be seen, then more bullish movement can be expected on this pair