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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: buy target - 1.5520

By: Dima Chernovolov

  • GBP/USD broke resistance level 1.5200
  • Next buy target - 1.5520

GBP/USD recently broke sharply above the resistance level 1.5200, which was set as the buy target in our previous forecast for this currency pair. The breakout of this resistance level coincided with the breakout of the resistance trendline of the daily down channel from last year (as you can see from the daily GBP/USD chart below). This double breakout accelerated the active C-wave of the intermediate ABC correction (2) which started earlier this month.

GBP/USD is likely to rise further to the next buy target at the strong resistance level 1.5520 (which reversed the previous primary ABC correction ② in February).

 

GBP
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