GBPCAD IDEAYesterday on CAD news we bounced fast and hard from 1.598.
We bounced because there was alot of longs set at 05:00 31 July, right at US market close.
After that Asia Pushed the price down from where it bounced hard on 3rd attempt(breaking previous low by a litle) and reversed few hours before EU market went live.
Now that some of those longs were closed yesterday on the target, we might drop down again for some strength.
Watch the price action closly at @1.59600
If we bounce we are going to 1.61350 this time
If we fall, we will fall to ~1.594 and bounce from there.
I do not belive we will drop further then 1.593.
We could bounce straight up from where we are too, alot of GBP news today.
