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/CAD reached sell target 1.6750

  • GBP/CAD reached sell target 1.6750
  • Next sell target - 1.6250

GBP/CAD continues to fall inside the minor impulse wave (iii) – which belongs to impulse 5 of the sharp intermediate impulse wave (3) from the end of May. The price today broke the support level 1.6750, which was set as the sell target in our earlier forecast for this currency pair. The breakout of the support level 1.6750 is likely to intensify the bearish pressure on this currency pair.

GBP/CAD is expected to fall further toward the next sell target at the support level 1.6250 (target price calculated for the completion of the active intermediate impulse wave (3)).

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