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: sell target - 1.5200

By: Dima Chernovolov

  • GBP/USD broke support level 1.5520
  • Next sell target - 1.5200

GBP/USD recently reversed down from the resistance level 1.5800 – which was set as the buy target in our previous forecast for this currency pair. The resistance zone near 1.5800 was strengthened by the upper daily Bollinger Band and by the 50% Fibonacci Correction of the previous downward impulse from last July. The downward reversal from the resistance level 1.5800 started the active intermediate impulse wave (3), which today broke the support level 1.5520 (former resistance from February).

GBP/USD is likely to fall to the next sell target 1.5200. Sell stop-loss can be placed above the recently broken price level 1.5800.

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