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 - 1.5000

By: Dmitriy Chernovolov

  • GBP/USD reversed from resistance zone
  • Next sell target - 1.5000

GBP/USD continues to fall after the recent downward reversal from the resistance zone lying between the resistance level 1.5150 and the 38.2% Fibonacci Correction of the previous downward impulse wave from the start of November. The downward reversal from this resistance zone accelerated the active minor impulse waves (iii) and 3 – both of which belong to the intermediate impulse wave (3) from August.

GBP/USD is likely to fall further in the active waves (iii), 3 and (3) in the direction of the next sell target at the round support level 1.5000 (intersecting with the support trendline of the daily down channel from June).

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