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 – 1.5100

By: Dima Chernovolov

  • GBP/USD approaches sell target 1.5200
  • Next sell target – 1.5100

GBP/USD has been falling in the last few trading sessions in accordance with our previous forecast for this currency pair. The price earlier broke the support trendline of the daily up channel from the middle of April (which has enclosed the previous primary ABC correction②). The breakout of this up channel accelerated the active impulse wave (3). The price is currently approaching the support level 1.5200, which was set as the sell target in our previous report for this pair.

If GBP/USD breaks the support level 1.5200, the pair can then fall to the next sell target 1.5100 (target price calculated for the completion of the active impulse (3)).

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