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: likely to rise to 1.5500

By: Dima Chernovolov

  • GBP/USD reversed up from support level 1.5200
  • Further gains likely toward 1.5500

GBP/USD continues to rise after the recent upward reversal from the support zone lying between the support level 1.5200, the lower daily Bollinger Band and the 50% Fibonacci Correction of the previous upward price impulse from April. This support zone also previously reversed the price at the start of this month – as you can see below.

GBP/USD is likely to rise further toward the next strong resistance level 1.5500 – from where the pair is likely to reverse down toward the next sell target at 1.5200.

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