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 - 1.9720

By: Dmitriy Chernovolov

  • GBP/CAD broke pivotal support level 1.9900
  • Next sell target - 1.9720

GBP/CAD continues to fall inside the minor (c)-wave of the active minor ABC correction 2 from last December. The active (c)-wave earlier broke the strong pivotal support level 1.9900 (which has been steadily reversing this currency pair from the start of December, as can be seen from the daily GBP/CAD chart below). The breakout of the support level 1.9900 is likely to strengthen the bearish pressure on this currency pair in the coming trading sessions.

The pair is likely to fall further in the active impulse (c)-wave toward the next sell target at the support level 1.9720 (low of the previous intermediate correction (2) from October and the forecast price for the termination for the active minor ABC correction 2).

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