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 - 1.2830

GBP/USD continues to fall – after the earlier breakout of the round support level 1.3000 (which was set as the sell target in our earlier forecast for this currency pair). The breakout of the support level 1.3000 intensified the bearish pressure on this currency pair – accelerating the active minor impulse waves (iii) and 3 – both of which belong to the sharp intermediate impulse wave (3) from June.

GBP/USD is expected to fall further to the next sell target at the strong support level 1.2830 (which reversed the previous sharp impulse wave 1 in July, as can be seen below).

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