Murrey Math Lines 02.08.2017 (GBP/USD, EUR/CAD)

GBP USD, “Great Britain Pound vs US Dollar”

As we can see at the H4 chart, the GBP/USD pair broke the 5/8 level at 1.3183, just as expected. The next downside target is at the 5/8 level at 1.3000.

At the H1 chart, the price may yet grow towards the 8/8 level (1.3183). Later, the pair is expected to rebound from it and move downwards to reach 1.3000.

As we can see at the M15 chart, if the pair reaches 1.3183, then one should wait until the downside line of the VoltyChannel indicator is broken. In this case, the price may rebound from 1.3183 and then continue falling towards 1.3000.

EUR CAD, “Euro vs. Canadian Dollar”

At the H4 chart, the EUR/CAD pair almost reached the target at the 3/8 level at 1.5014, just as expected. The price is expected to rebound from it and test the support at the 0/8 level at 1.4648 again.

At the H1 chart, the pair is expected to break the 5/8 level at 1.4953 and then rebound from the 6/8 one at 1.5014. In this case, the instrument may move downwards to reach 1.4648.

If the price breaks the downside line of the VoltyChannel indicator at the M15 chart, the pair may fail to grow towards 1.5014.

RoboForex Analytical Department