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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 broke sideways price channel

  • GBP/USD broke sideways price channel
  • Next sell target - 1.2600

GBP/USD continues to fall after the earlier breakout of the pivotal support level 1.2850 (which is the lower boundary of the sideways price channel inside which the pair has been trading from the end of June, as can be seen form the daily GBP/USD chart below). The upper boundary of this price range stands at the resistance level 1.3400.

The breakout of the support level 1.2850 is likely to accelerate the active minor impulse waves (iii) and 3 – both of which belong to the sharp intermediate impulse wave (3) from the end of June. GBP/USD is expected to fall down further in the direction of the next sell target at the support level 1.2600.

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