FOREX GBP/USD 4th August 2008

GBP Daily & 3-day pattern


GBP trading below August 50% level, and whilst price is below this level the expectation it's heading down towards the Weekly lows.

However:- a lower Weekly open favours a 2-day counter-trend move UP before the trend continues down.

It's a bit early to tell which direction price will go on Monday until GMT hours:- but if it's part of a 2-day UP move, then price should remain above Friday's lows and swing back into the 3-day filter.


Use the brown filter to minimise risk on Monday:- no probability for a down day on Monday.