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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 - 2.0600

By: Dmitriy Chernovolov

  • GBP/CAD reversed from support zone
  • Next buy target - 2.0600

GBP/CAD recently reversed up sharply from the combined support area lying between the support level 2.0200 (which also previously reversed the (a)-wave in August), the lower daily Bollinger Band and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave from June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Morning Star Doji (encircled below) – marking the end of the previous minor ABC correction 4.

GBP/CAD is likely to rise further from the current levels inside the active minor impulse wave 5 toward the next buy target at 2.0600. Buy stop-loss can be placed at half the daily ATR below the support level 2.0200.

GBP
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