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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 target - 2.0000

By: Dmitriy Chernovolov

  • GBP/CAD reached buy target 1.9800
  • Next buy target - 2.0000 

GBP/CAD yesterday reached the resistance level 1.9800, which was set as the buy target in our previous forecast for this currency pair. The pair earlier reversed up sharply from the support zone lying at the intersection of the support trendline of the daily up channel from May and the support level 1.9560. The upward reversal from this support zone accelerated the active impulse waves (iii) and 3.

With the accelerating daily Momentum, GBP/CAD can be expected to rise further toward the next buy target at the round resistance level 2.0000 (target price for the completion of impulse 3).

 

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