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 falling inside minor impulse wave

  • GBP/CAD falling inside minor impulse wave
  • Next sell target - 1.6250

GBP/CAD has been under strong bearish pressure lately – following the earlier downward reversal from the resistance zone lying between the resistance level 1.7550 (monthly high from August), upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp downward impulse from June. The downward reversal from the aforementioned resistance zone completed the previous minor correction 4.

GBP/CAD is likely to fall further in the active minor impulse wave 5 toward the next sell target at the support level 1.6680 (which reversed earlier minor impulse wave 3) – the breakout of which can lead to further losses toward 1.6250 (target price for the completion of the active impulse 5).

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