Dmitriy Chernovolov, Technical Analyst who has been actively following the FX markets for the last 11 years. He uses a systematic trend following approach combined with a proven money management system. Dima prefers to combine multiple technical analysis tools (e.g. Fibonacci retracements, trendlines, indicator divergences, Japanese candlesticks, Elliott Waves as well as horizontal support and resistance levels on different time-frame charts) to identify high probability synergetic trade setups with a high reward/risk ratio.

GBP/USD reached sell target 1.3000

  • GBP/USD reached sell target 1.3000
  • Next sell target - 1.2840

GBP/USD today broke below the round support level 1.3000, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level continues the active minor impulse wave (iii) – which began earlier – when the pair reversed down with the daily Japanese candlesticks reversal pattern Evening Star from the resistance zone surrounding the pivotal resistance level 1.3400.

GBP/USD is expected to continue to fall in the active impulse waves (iii), 3 and (3) toward the next sell target at the support level 1.2840 (which stopped the previous impulse wave 1 in July).

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