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 falling inside ABC correction (2)
  • Next sell target - 1.9750

GBP/CAD continues to fall inside the C-wave of the intermediate ABC correction (2) – which started earlier, in November, when the price reversed down from the combined resistance zone lying at the intersection of the following resistance levels: the upper daily Bollinger Band, the 50% Fibonacci correction of the previous primary ABC correction ② and the resistance level 2.0330 (which also previously reversed the price in October).

GBP/CAD is likely to fall further in the active C-wave toward the next sell target at the strong support level 1.9750 (which stopped the aforementioned primary ABC correction ② in October).

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