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 - 1.5100

By: Dmitriy Chernovolov

  • GBP/USD falling inside minor correction 2
  • Next sell target - 1.5100

GBP/USD continues to fall sharply – following the earlier strong downward reversal from the resistance zone lying between the resistance level 1.5500 (which also previously reversed the sharp minor impulse wave 1 in October), the upper daily Bollinger Band and the 50% Fibonacci Correction of the previous intermediate ABC correction (2) from June. The downward reversal from this resistance zone started the active minor correction 2.

GBP/USD is likely to fall further in the active wave 2 toward the next sell target at the support level 1.5100 (which stopped the previous intermediate wave (2) at the end of September, as you can see below).

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