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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 targets - 1.9750 and 1.9500

By: Dmitriy Chernovolov

  • GBP/CAD broke round support level 2.0000
  • Next sell targets - 1.9750 and 1.9500

 

GBP/CAD recently broke sharply below the round support level 2.0000, which was mentioned in our previous report for this currency pair. The breakout of this support level accelerated the active impulse wave 3 - which belongs to the intermediate (C)-wave from the end of September. This (C)-wave is a part of the primary ABC correction Ⓑ - which started at the end of August, when the pair reversed down with the Evening Star from the resistance level 2.1000.

With the daily Momentum near the yearly lows - GBP/CAD is likely to fall further toward the next sell targets at the support levels 1.9750 and 1.9500 (standing close to 50% Fibonacci Correction of the previous extended upward (C)-wave from April).

GBP
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