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 reversed from resistance zone

  • GBP/USD reversed from resistance zone
  • Next sell target - 1.3000

GBP/USD continues to decline - following the earlier downward reversal from the resistance level 1.3250 (which is the lower boundary of the powerful resistance area which reversed the pervious corrective waves (2) and 2, as can be seen below). The last downward reversal form this resistance zone created the strong daily Japanese candlesticks reversal pattern Evening Star.

GBP/USD is expected to fall further in the active impulse waves 3 and (3) (which belong to the primary downward impulse wave ③ from June) toward the next sell target at the round support level 1.3000.

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