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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: sell target - 1.9750

 By: Dmitriy Chernovolov

  • GBP/CAD approaches round support level 2.0000
  • Next sell target - 1.9750

GBP/CAD has been falling in the last few trading sessions inside the C-wave of the active intermediate ABC correction (4) from the end of August. The active C-wave started earlier in September – when the pair reversed down from the resistance area lying between the resistance level 2.0600 (previous buy target set in our earlier forecast for this pair) and the upper daily Bollinger Band.

The price is currently approaching the round support level 2.0000. If the pair breaks this support level - GBP/CAD can be expected to fall further in the active waves C and (4) toward the next sell target at 1.9750. Alternatively – the upward correction to the resistance level 2.0200 is likely.

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