Daily – Market direction is in a downtrend 55/21 . MA8/5 is neutral with 5 ma about to cross 8 ma ( making price bullish). On 01 August ,price action was at MPP,bulls bought taking price to MM3. BEARS ENTERED AT mm3 ,setting a monthly target at MM1. PRICE HIT mm1 on 25 August ,and bears took profit.Price now at MS1. I expect price to move up to fib 38.2 level, bears to sell and take price to MM1 again.( double bottom) , or to fib 161.8 level. MM1 IS a strong support level so I expect bears to take profit again and price to move to MPP.
h4 level – Price entered month at WM2/WPP. PRICE ROSE BEFORE REVERSING TO WM2. Price than ranged before breaking out to WM2 . Bulls have now bought and P/A is at WM3. i EXPECT BEARS TO SELL and take profit at WM2 ,Forming a double bottom ( WR1/138.2 LEVEL) before bulls take it to WPP

GBPCAD-Daily-28.08.17

GBPCAD-H4-28.08.17

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