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 targets - 0.7090 and 0.7020

  • EUR/GBP reached sell target 0.7200
  • Next sell targets - 0.7090 and 0.7020

By: Dima Chernovolov

EUR/GBP recently broke sharply below the support level 0.7200, which was set as the sell target in our previous forecast for this currency pair. The breakout of this support level is aligned with the strong downtrend visible on the daily EUR/GBP charts and continues the active intermediate impulse wave (3) - which is a part of the primary downward impulse wave ③ from the end of March (which started when the pair reversed down from the strong resistance zone near the resistance level 0.7370).

EUR/GBP is expected to fall further inside the active impulse wave (3) toward the next sell targets 0.7090 and 0.7020 (low of previous impulse wave ①). Sell stop-loss can be placed above the resistance level 0.7200.

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