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: buy targets - 1.5675 and 1.5800

By: Dmitriy Chernovolov

  • GBP/USD reversed from support zone
  • Next buy targets - 1.5675 and 1.5800

GBP/USD continues to rise after the earlier sharp upward reversal from the support zone lying between the support level 1.5350, the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous primary ABC wave ② from April (as you can see below).The upward reversal from this support zone created the strong daily Japanese candlesticks reversal pattern - Morning Star Doji.

GBP/USD is likely to retest the resistance level1.5675 (which stopped earlier wave (2)) – the breakout of which can lead to further gains toward 1.5800.

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