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 impulse waves 3 and (3)
  • Next sell target - 1.5100

GBP/USD continues to fall, following the earlier sharp downward reversal from the resistance zone lying between the resistance level 1.5300 and the 61.8% Fibonacci Correction of the previous downward impulse wave from the end of October (as you can see from the daily GBP/USD chart below). The downward reversal from this resistance zone created the daily Japanese candlesticks reversal pattern Bearish Engulfing – thereby completing the previous minor correction 2.

GBP/USD is likely to fall further in the active minor impulse wave 3 (which belongs to intermediate impulse wave (3) from October) toward the next sell target at the support level 1.5100. Strong resistance remains at 1.5300.

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