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 - 1.5500

By: Dmitriy Chernovolov

  • GBP/USD rises inside minor wave (ii)
  • Next buy target - 1.5500

GBP/USD recently reversed up sharply after reaching the support level 1.5200, which was set as the sell target in our previous forecast for this currency pair. The support zone near 1.5200 was strengthened by the lower daily Bollinger Band, 50% Fibonacci Correction of the previous (B)-wave from April and the lower support trendline of the daily down channel from June. The upward reversal from this support zone created the daily Japanese candlesticks reversal pattern Bullish Engulfing.

GBP/USD is likely to rise further in the active minor correction (ii) toward the next buy target at the resistance level 1.5500.

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