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 targets - 1.6000 and 1.5780

GBP/CAD has been falling in the last few trading sessions inside the minor impulse wave 3, which belongs to the intermediate impulse wave (3) of the extended primary impulse wave Ⓒ from the end of May. The price earlier broke through the support level 1.6680 (lower boundary of the sideways price range inside which the price has been trading from July) – which accelerated the active minor impulse wave 3.

GBP/CAD is expected to fall further to the next sell target at the support level 1.6000 (which reversed previous minor impulse wave (i)) – the breakout of which can lead to further losses toward 1.5780.

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