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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/USD: buy target -1.5800

By: Dmitriy Chernovolov

  • GBP/USD approached resistance level 1.5670
  • Next buy target -1.5800

GBP/USD has been rising steadily in the last few trading sessions – following the earlier upward reversal from the support zone lying between the support level 1.5400 (which also previously reversed the earlier intermediate impulse wave (1) in July), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous upward price move from April.

The price is currently trading close to the resistance level 1.5670, which has been reversing the price from the middle of July. If the pair breaks above 1.5670 - GBP/USD can then rise further to the next buy target at 1.5800 (target price calculated for the completion of the active wave C).

 

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