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 - 1.4100

By: Dmitriy Chernovolov

  • GBP/USD falling inside the intermediate impulse wave (5)
  • Next sell target - 1.4100

GBP/USD continues to fall inside the intermediate impulse wave (5), which started recently – when the pair reversed down from the resistance zone lying between the resistance level 1.4600, the upper daily Bollinger Band and the 38.2% Fibonacci correction of the previous sharp intermediate impulse wave (3) from last October, as can be seen from the daily GBP/USD chart below.

The price is likely to fall further in the active impulse wave (5) toward the next sell target at the support level 1.4100 (which stopped the previous intermediate impulse wave (3) in January).

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