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: sell target -1.5200

By: Dmitriy Chernovolov

  • GBP/USD broke pivotal support level 1.5380
  • Next sell target -1.5200

GBP/USD continues to fall strongly following the earlier breakout of the pivotal support level 1.5380 (which reversed earlier waves (1) and B, as you can see below). The breakout of this support level was preceded by the breakout of the support trendline of the daily up channel from July (which has enclosed the previous intermediate ABC correction (2)). These two support breakouts accelerated the active intermediate impulse wave (3).

GBP/USD is likely to fall further in the active impulse wave (3) toward the next sell target at the support level 1.5200 (which reversed the previous (B)-wave in June). Strong resistance remains at 1.5380.

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