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: buy target - 2.0800

By: Dmitriy Chernovolov

  • GBP/CAD reversed from support zone
  • Next buy target - 2.0800

GBP/CAD continues to rise after the recent upward reversal from the support zone lying between the pivotal support level 2.0560 (former strong resistance, which reversed earlier intermediate (B)-wave in September) and the 38.2% Fibonacci Correction of the previous sharp upward impulse wave (3) from the start of December (which earlier broke the daily Triangle from September, as you can see below).

The upward reversal from the aforementioned support zone stopped the active C-wave of the intermediate ABC correction (4) from the start of this month. GBP/CAD is likely to rise further to the next buy target at the resistance level 2.0800 (which reversed the earlier (B)-wave).

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