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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 reached sell target 1.2600

  • GBP/USD reached sell target 1.2600
  • Next sell target - 1.2000

GBP/USD recently broke sharply below the support level 1.2600, which was set as the sell target in our earlier forecast for this currency pair.  The breakout of this support level greatly accelerated the active minor impulse wave 3 - which belongs to the intermediate downward impulse wave (3) of the primary downward impulse ⑤ form the middle of July.

GBP/USD is expected to fall down further in the direction of the next sell target at the round support level 1.2000. Sell stop-loss can be placed at half the daily ATR (Average True Range) above the aforementioned price level 1.2600.

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