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.

EUR/GBP: sell target – 0.7200

  • EUR/GBP reversed from strong resistance level 0.7370
  • Next sell target – 0.7200


EUR/GBP continues to decline after the recent downward reversal from strong resistance level 0.7370 (which also previously reversed the pair at the end of March, stopping the earlier primary ABC correction ②, as you can see below). The resistance zone near 0.7370 was strengthened by the 38.2% Fibonacci Correction of the previous sharp extended downward impulse from the middle of December.


EUR/GBP is expected to fall further inside the active minor impulse wave 1 toward the next sell target 0.7200 (forecast price for the termination of this impulse). Sell stop-loss can be placed at the distance of one daily ATR (Average True Range) above the resistance level 0.7370.

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