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 - 2.0200

By: Dmitriy Chernovolov

  • GBP/CAD reached buy target 2.0100
  • Next buy target - 2.0200

GBP/CAD recently rose sharply reaching the resistance level 2.0100, which was set as the buy target in our previous forecast for this currency pair. The price previously reversed up sharply from the major support level 1.9900 – forming two daily Japanese candlestick reversal patterns Hammer near this support level, as you can see from the daily GBP/CAD chart below. The previous upward reversal from 1.9900 stopped the previous minor correction 2 – starting the active impulse wave 3.

Given the strength of the support level 1.9900 - GBP/CAD can be expected to rise further to the next buy target at the resistance level 2.0200. Long entries are best opened at 1.9900 with the buy stop-loss placed below 1.9850.

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