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 targets - 1.4100 and 1.4000

By: Dmitriy Chernovolov

  • GBP/USD falling inside accelerated impulse waves 5 and (3)
  • Next sell targets - 1.4100 and 1.4000

GBP/USD has been falling sharply in the last few trading sessions – following the earlier breakout of the support level 1.4500, which was set as the sell target in our previous forecast for this currency pair. The breakout of the support level 1.4500 accelerated the active impulse waves 5 and (3) – leading to the sharp sell-off in the last few trading sessions and the breakout of the support levels 1.4400 and 1.4200.

With the daily Momentum reaching new multi-month lows, GBP/USD is likely to continue to fall in the accelerated downward impulse waves 5 and (3) toward the next sell targets1.4100 and 1.4000 (forecast price for the completion of the active impulse 5).

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