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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/CAD: buy targets - 1.9560 and 1.9800

By: Dima Chernovolov

  • GBP/CAD reached buy targets 1.9150 and 1.9400
  • Next buy targets - 1.9560 and 1.9800

GBP/CAD recently broke above the resistance levels 1.9150 and 1.9400 – both of which were set as the buy targets in our previous forecast for this currency pair. The breakout of these resistance levels continues the active minor impulse wave 3 which started earlier this month – when the pair reversed up with the two daily Hammers from the support zone lying between the support level 1.8850 and 38.2% Fibonacci Correction of the previous impulse wave 1.

GBP/CAD is likely to rise further inside the active impulse 3 toward the next buy targets at the resistance levels -1.9560 (top of the previous intermediate (A)-wave) and 1.9800.

 

 

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